The capital assets used by the government departments accounted for in the governmental funds should be reported in

Question

Quizplus · Accepted Answer

The capital assets used by the government departments should be reported in the governmental activities accounts at the government-wide level, as they are not accounted for in the governmental funds. The governmental funds only record current assets and current liabilities, while the government-wide financial statements report on all assets and liabilities, including capital assets. Therefore, the correct choice is D.

The Capital Assets Used by the Government Departments Accounted for in the Governmental