Zodwa's Flashcard

Front

what criteria must be met for an item to be recognized as an asset

Back

It must bring future economic benefits and cost can be reliably measured

Front

What is the primary purpose of asset verification in asset management?

Back

To physically confirm the existence and condition of assets

Front

What is the correct sequence in the asset life cycle? Options: Maintenance → Disposal → Acquisition, Acquisition → Maintenance → Disposal, Disposal → Acquisition → Maintenance, Acquisition → Disposal → Maintenance

Back

Acquisition → Maintenance → Disposal

Front

What is the GRAP standard primarily applicable to the accounting of property, plant, and equipment?

Back

GRAP 17

Front

During asset verification, what should be done if an asset cannot be physically located?

Back

Report it as a potential loss and investigate