When converting from the enterprise funds Statement of Net Assets to the government-wide Statement of Net Assets (government-wide statements),it is necessary to add fixed assets and to deduct long-term debt.

Question

Quizplus · Accepted Answer

In the conversion from enterprise funds to government-wide statements, fixed assets and long-term debt are already included in enterprise funds, so no addition or deduction is necessary.

When Converting from the Enterprise Funds Statement of Net Assets