When converting from the enterprise funds Statement of Net Position to the government-wide Statement of Net Position government-wide statements, it is not necessary to add fixed assets and to deduct long-term debt.

Question

Quizplus · Accepted Answer

Balances from the enterprise funds' Statement of Net Position and Statement of Revenues, Expenses and Changes in Fund Net Position are entered directly to the business-type activities sections of the government-wide statements. It is not necessary to do a worksheet entry to record fixed assets and long-term debt.

When Converting from the Enterprise Funds Statement of Net Position