Under GASB standards, general capital assets should not be reported as assets in governmental funds but should be reported in the governmental activities column of the government-wide Statement of Net Position.

Question

Quizplus · Accepted Answer

Under GASB standards, general capital assets are not recorded as assets in governmental funds but are reported in the governmental activities column of the government-wide Statement of Net Position.

Under GASB Standards, General Capital Assets Should Not Be Reported