Final answer:
Inventory control is false for maintaining records of fixed assets as it focuses on managing inventory levels and not the long-term, non-current assets. Fixed asset accounting is responsible for tracking the lifecycle of fixed assets, which includes acquisition, depreciation, and disposal.
Step-by-step explanation:
The statement Inventory control performs the formal record-keeping function for fixed assets is false. Inventory control is primarily concerned with keeping track of a company's inventory levels, managing the ordering process for inventory, and ensuring that there is enough stock on hand to meet customer demand without excessive overstock. The formal record-keeping function for fixed assets, which includes assets like machinery, buildings, and land that are not easily converted into cash, is typically the responsibility of an asset management system. Fixed assets are usually managed and tracked through fixed asset accounting, which ensures the accurate tracking of their acquisition, use, depreciation, and disposal.
Inventory control systems and fixed asset management systems serve different purposes and are part of the broader discipline of asset management, which includes managing both current assets like inventory, as well as non-current, long-term assets such as plant and equipment. While there may be some overlap in the software or systems used for tracking these assets, their core functions are distinct.