Plant assets acquired by a governmental entity's general fund for use by an agency of the governmental entity that was established to provide goods or services to other agencies of the governmental entity are accounted for in:

Question

Quizplus · Accepted Answer

Plant assets acquired for use by an agency of the governmental entity that provides goods or services to other agencies are accounted for in an internal service fund. This is because internal service funds are used to account for the financing of goods or services provided by one department of a governmental entity to other departments of the entity on a cost-reimbursement basis.

Plant Assets Acquired by a Governmental Entity's General Fund for Use