In which of the following financial statements should a government not report depreciation expense?

Question

Quizplus · Accepted Answer

Depreciation expense should not be reported in governmental fund financial statements because these statements focus on current financial resources and not long-term assets. Depreciation is only reported in the government-wide financial statements and proprietary fund financial statements. Fiduciary fund financial statements may or may not report depreciation depending on the type of fiduciary fund.

In Which of the Following Financial Statements Should a Government