Which statement is false regarding the government-wide Statement of Net Assets?
A) The purpose of the Statement of Net Assets is to report the economic resources of the government as a whole.
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) Business-type activities include Enterprise Funds.

Question

Quizplus · Accepted Answer

Assets are not reported excluding capital assets in the government-wide Statement of Net Assets. In fact, capital assets are reported net of depreciation.

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