When preparing the government-wide statements, an adjustment is required to eliminate the charge to expenditures for capital outlay and to record those expenditures as capital assets.

Question

Quizplus · Accepted Answer

GASB requires that general capital assets be included in the government-wide financial statements. Expenditures for capital outlay are eliminated and assets are recorded.

When Preparing the Government-Wide Statements, an Adjustment Is Required to Eliminate