Under GASB Statement 34,capital assets:
A) must be reported in government-wide statements but are not reported in any of the fund financial statements.
B) must be reported in government-wide statements and in proprietary fund financial statements.
C) are not to be reported in either government-wide or fund financial statements.
D) are to be reported but not depreciated in government-wide and fund financial statements.

Question

Quizplus · Accepted Answer

Capital assets must be reported in both government-wide statements and in proprietary fund financial statements under GASB Statement 34. It is important to report these assets to provide transparency and accountability for the government's use of resources.

Under GASB Statement 34,capital Assets