According to the GASB, Capital assets:
A) must be reported in government-wide statements but are not reported in any of the fund financial statements.
B) must be reported in government-wide statements and in proprietary fund financial statements.
C) are not to be reported in either government-wide or fund financial statements.
D) are to be reported but not depreciated in government-wide and fund financial statements.

Question

Quizplus · Accepted Answer

Proprietary and fiduciary funds and government-wide statements are prepared using the economic resource measurement focus and accrual accounting. Statements of Net Position prepared using the economic resource focus reports the balances in capital assets and long-term liabilities.

According to the GASB, Capital Assets