Vehicles used by the Parks and Recreation Department should be accounted for in the General Fund.

Question

Quizplus · Accepted Answer

GASB standards provide that capital assets should not be accounted for in a governmental fund since those funds account for financial resources only. General capital assets, such as those used by the Parks and Recreation Department should be accounted for in the governmental activities section of the government-wide statements.

Vehicles Used by the Parks and Recreation Department Should Be