Which statement is false regarding the government-wide Statement of Net Position?
A) Noncurrent liabilities are presented separately from current liabilities.
B) Assets are reported excluding capital assets.
C) Capital assets are reported net of depreciation.
D) Investments are reported at fair value rather than historical cost.
E) Discretely presented component units are grouped and shown on the right of the total.

Question

Quizplus · Accepted Answer

Assets in the government-wide Statement of Net Position include capital assets, which are reported net of depreciation.

Which Statement Is False Regarding the Government-Wide Statement of Net