Capitalized fixed assets are reported in which of the following fund-basis statements?
A) Agency fund
B) Proprietary fund
C) Governmental fund
D) All of the above

Question

Quizplus · Accepted Answer

Capitalized fixed assets are typically recorded and reported in proprietary fund-basis statements, since these funds are used for business-like activities and require a full set of accrual-based financial statements. Agency funds hold assets on behalf of other parties and governmental funds use modified accrual accounting, neither of which would typically report capitalized fixed assets.

Capitalized Fixed Assets Are Reported in Which of the Following