MB6-702 · Question #27
Which step must be taken before you can record an acquisition of a fixed asset on the General journal form?
The correct answer is B. Create a fixed asset record. To post an acquisition transaction for an existing fixed asset, specify the fixed asset number, value model, and transaction type. The fixed asset cannot be posted if any of this information is missing. To post an acquisition transaction for a new fixed asset, select the New…
Question
Which step must be taken before you can record an acquisition of a fixed asset on the General journal form?
Options
- ACreate a fixed asset workflow.
- BCreate a fixed asset record.
- CCreate a fixed asset budget register entry.
- DCreate a vendor invoice.
How the community answered
(30 responses)- A3% (1)
- B77% (23)
- C13% (4)
- D7% (2)
Explanation
To post an acquisition transaction for an existing fixed asset, specify the fixed asset number, value model, and transaction type. The fixed asset cannot be posted if any of this information is missing. To post an acquisition transaction for a new fixed asset, select the New fixed asset? check box, and then select the fixed asset group to assign the new asset to. However, no fixed asset fields are available for a line if the item is in an inventory model group that uses a standard cost inventory model.
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