What key information should be included in property records?

The correct answer encompasses essential details that are necessary for effective property accountability and management. Property records must include an asset description, which provides vital information about what the asset is, as well as serial numbers that uniquely identify each item. The purchase date is crucial for tracking the age and depreciation of the asset, enabling more informed decisions regarding maintenance and replacement. Lastly, including the location of the asset is important for physical verification and efficient management of property. By collating all of this information, organizations can maintain accurate inventory records, ensure accountability, and enhance operational efficiency. This comprehensive approach significantly supports property management practices and helps in auditing and tracking assets over time.