Capitalized fixed assets are reported in which of the following fund-basis statements?
A) Proprietary fund
B) Agency fund
C) Governmental fund
D) Fiduciary fund

Question

Quizplus · Accepted Answer

Proprietary and fiduciary funds and government-wide statements are prepared using the economic resource measurement focus and accrual accounting. Balance sheets prepared using the economic resource focus reports the balances in fixed assets and long-term liabilities. Governmental funds are prepared using the current financial resource measurement focus and modified accrual accounting. Long-term assets and long-term debt are not recognized.

Capitalized Fixed Assets Are Reported in Which of the Following