Which of the following assets would appropriately be reported on the governmental funds balance sheet?
A) Capital assets.
B) Inventories.
C) Deferred charges for debt issuance costs.
D) Goodwill.

Question

Quizplus · Accepted Answer

Inventories are typically reported on the governmental funds balance sheet. Capital assets would be reported on the government-wide financial statements. Deferred charges for debt issuance costs would be reported as a long-term asset on the government-wide financial statements. Goodwill is not generally applicable to governmental accounting and reporting.

Which of the Following Assets Would Appropriately Be Reported on the Governmental