Under GASB 34,capital assets and non-current debt are:

Question

Quizplus · Accepted Answer

Under GASB 34, capital assets and non-current debt are reported in the government-wide statement of net assets. This statement provides a snapshot of the government's overall financial position, including all of its assets and liabilities, whether current or non-current. The fixed asset and long-term debt group of accounts is used for internal accounting purposes, while the governmental funds balance sheet is used to report the financial activities of individual governmental funds. Therefore, neither of these options would be the correct choice. Option D is also incorrect, as GASB 34 specifically requires the reporting of capital assets and non-current debt in the government-wide financial statements.

Under GASB 34,capital Assets and Non-Current Debt Are