Which of the following best describes Property Records?

The correct answer describes Property Records as the foundation of the property control database. Property Records serve as essential documentation that categorizes and tracks all items owned by an organization. They contain crucial information regarding the acquisition, location, condition, and valuation of property assets.

Having a solid property control database is vital for effective asset management, maintenance scheduling, compliance with regulations, and financial reporting. Property Records underpin all these activities by providing a comprehensive and organized reference that ensures accurate tracking and management of assets over time.

Other options may appear relevant in different contexts, yet they do not capture the primary role of Property Records in asset management systems. For instance, liabilities relate to financial obligations, performance reviews pertain to employee assessments, and documents for audits focus on compliance and financial transparency, which do not directly connect to the foundational function of Property Records.