GASB Statement No.34 requirements for the reporting for general fixed assets include
A)the use of account groups
B)reporting general fixed assets as a major fund
C)general fixed assets will be included only in the government wide financial statements
D)report general fixed assets as a component unit

Question

GASB Statement No.34 requirements for the reporting for general fixed assets include
A)​the use of account groups
B)​reporting general fixed assets as a major fund
C)​general fixed assets will be included only in the government wide financial statements
D)​report general fixed assets as a component unit

Quizplus · Accepted Answer

GASB Statement No. 34 requires that general fixed assets be reported only in the government-wide financial statements, not as part of any fund financial statements. This approach reflects the long-term nature of these assets and their relevance to the government entity as a whole, rather than to any individual fund.