General fixed assets, including infrastructure assets, and general long-term debt are included only in the government-wide financial statements.

Question

Quizplus · Accepted Answer

General fixed assets and general long-term debt are only reported in the government-wide financial statements because they represent a long-term perspective on the government's financial position and performance. In contrast, the fund financial statements focus on the short-term measurement of financial resources and obligations used in governmental funds.

General Fixed Assets, Including Infrastructure Assets, and General Long-Term Debt