The following items were included in Castle City's General Fund expenditures for the year ended June Personal computer for the city treasurer $ 6,000
Furniture for the mayor's office $ 20,000
How much should be classified as capital assets in Castle City's General Fund balance sheet at June 30?

Question

Quizplus · Accepted Answer

In governmental accounting, capital assets are typically not reported in the General Fund balance sheet. Instead, they are reported in the government-wide financial statements. Therefore, the amount classified as capital assets in the General Fund balance sheet is $0.

The Following Items Were Included in Castle City's General Fund