On the government-wide statement of activities, depreciation expense for assets that essentially benefit all functions, such as the city hall, may be reported as a separate line item or on the same line as the General Government or similar function.

Question

Quizplus · Accepted Answer

Depreciation expense for assets that benefit all functions can be reported either as a separate line item or on the same line as the General Government or similar function on the government-wide statement of activities. So, the given statement is true.

On the Government-Wide Statement of Activities, Depreciation Expense for Assets