Capital assets leased through capital by the General Fund are reported in the government-wide Statement of Net Position

Question

Quizplus · Accepted Answer

GASB standards require the lease to be reflected as a capital expenditure within a governmental fund. The general fund would record a to debit Expenditures - Capital Outlay for the present value of the payments and credit Cash assuming a down payment) and Other Financing Sources - Capital.

Capital Assets Leased Through Capital by the General Fund Are