Because the GCA-GLTL g/l reflects accumulated depreciation, depreciation expense will be reported in the General Fund's operating statement at the fund-based reporting level.

Question

Quizplus · Accepted Answer

Depreciation expense is not reported in the General Fund's operating statement because the General Fund uses the modified accrual basis of accounting, which does not recognize depreciation as it is a full accrual accounting concept typically applied in proprietary and fiduciary funds, not governmental funds like the General Fund.

Because the GCA-GLTL G/l Reflects Accumulated Depreciation, Depreciation Expense Will