Which statement is false regarding the government-wide Statement of Net Assets?
A) the purpose of the Statement of Net Assets is to report the economic resources of the government as a whole.
B) assets are reported excluding capital assets.
C) capital assets are reported net of depreciation.
D) investments are reported at fair value rather than historical cost.
E) Business-type activities include Enterprise Funds.

Question

Quizplus · Accepted Answer

Assets are reported including capital assets. The purpose of the Statement of Net Assets is to report the economic resources of the government as a whole, including both financial and non-financial resources. Capital assets are reported net of depreciation and investments are reported at fair value rather than historical cost. Business-type activities include Enterprise Funds, which are accounted for separately from governmental activities.

Which Statement Is False Regarding the Government-Wide Statement of Net