Both general capital assets acquired or constructed from the proceeds of special assessment debt and the related long-term liability are recorded in the governmental fund.

Name: Both general capital assets acquired or constructed from the proceeds of special assessment debt and the related long-term liability are recorded in the governmental fund.
Brand: Quizplus
Rating: 4.8 (46 reviews)

Question

Quizplus · Accepted Answer

GASB requires general capital assets and the related long-term liabilities to be reported in the government-wide statements, not in governmental funds.

Both General Capital Assets Acquired or Constructed from the Proceeds