Within a fund,which of the following results from using the current financial resources measurement focus?
A)capital assets will be depreciated
B)property taxes will be recognized on the cash basis of accounting
C)a liability must be reported for unsettled claims,provided payment ultimately will be made
D)long-term assets and liabilities will not be recorded in the fund

Question

Quizplus · Accepted Answer

The current financial resources measurement focus, typically used in governmental fund accounting, emphasizes the flow of current financial resources rather than the acquisition and use of long-term assets and liabilities. Therefore, long-term assets and liabilities are not recorded in the funds using this measurement focus.

Within a Fund,which of the Following Results from Using the Current