Which line item does not properly belong in the balance sheet of a governmental fund?
A)short-term investments
B)fixed assets
C)cash
D)accounts (or vouchers)payable

Question

Quizplus · Accepted Answer

Fixed assets do not belong in the balance sheet of a governmental fund because they are not current assets that are readily available or convertible into cash within a year. Fixed assets are reported in the government-wide financial statements instead. The other items listed (short-term investments, cash, accounts payable) are all commonly found in the balance sheet of a governmental fund.

Which Line Item Does Not Properly Belong in the Balance