Capital assets acquired under a capital lease for use by an internal service fund should be recorded in the General Fund in order to report all leased assets in one financial statement.

Name: Capital assets acquired under a capital lease for use by an internal service fund should be recorded in the General Fund in order to report all leased assets in one financial statement.
Brand: Quizplus
Rating: 4.8 (56 reviews)

Question

Quizplus · Accepted Answer

All capital assets used by an internal service fund, regardless of source, should be recorded in the accounts of that fund.

Capital Assets Acquired Under a Capital Lease for Use by an Internal