Under GASB Statement 34, 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

Under GASB Statement 34, capital assets must be reported in government-wide statements and in proprietary fund financial statements. They are not reported in any of the fund financial statements. Additionally, they are to be depreciated in both government-wide and proprietary fund financial statements.

Under GASB Statement 34, Capital Assets