Equipment acquired under a capital lease for use by an internal service fund will be reported as a capital asset in both the fund and government-wide financial statements.
Correct Answer:
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Q2: Interest and principal on enterprise fund revenue
Q4: Proprietary funds report using three net position
Q6: The liability for utility revenue bonds should
Q7: Internal service funds are intended to operate
Q9: Enterprise funds may capitalize interest paid on
Q11: Public utilities owned and operated by governments
Q14: Revenues of internal service funds should be
Q17: Internal service funds utilize encumbrance accounting.
Q19: Proprietary funds follow the current financial resources
Q20: A statement of revenues, expenses, and changes
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