Key characteristics of the statement of net assets include all of the following except:

Question

Quizplus · Accepted Answer

The statement of net assets has several key characteristics, including the following:
F1F1F1S1F1F1F10All capital assets are listed, including infrastructure assets.
F1F1F1S1F1F1F10All capital assets are required to be depreciated. An exception for infrastructure assets is allowed if they are maintained in a condition that will result in an extended useful life.F1F1F1S1F1F1F10General long-term liabilities are not recorded at face value but rather adjusted to reflect application of the effective interest method of accounting.
F1F1F1S1F1F1F10Current and noncurrent liabilities are distinguished on the statement of net assets.
F1F1F1S1F1F1F10Interfund payables and receivables between governmental funds are eliminated.F1F1F1S1F1F1F10Interfund payables and receivables between enterprise funds are eliminated.F1F1F1S1F1F1F10Net payables and receivables between governmental activities and business-type activities are shown separately as internal balances.

Key Characteristics of the Statement of Net Assets Include All