The year-end balance of buildings and equipment of governmental funds is reported

Question

Quizplus · Accepted Answer

The year-end balance of buildings and equipment of governmental funds is reported only on the government-wide statement of net position. This is because governmental funds use the current financial resources measurement focus and the modified accrual basis of accounting, which do not include capital assets like buildings and equipment. These are reported in the government-wide financial statements, which use the economic resources measurement focus and the accrual basis of accounting.

The Year-End Balance of Buildings and Equipment of Governmental Funds