[1] Which capital assets must be depreciated in the government-wide financial statements? A. All noncapitalized collections of historical treasures. B. All infrastructure assets. C. All capit

[1] Which capital assets must be depreciated in the government-wide financial statements?

A. All noncapitalized collections of historical treasures.

B. All infrastructure assets.

C. All capitalized collections that are exhaustible.

D. All capitalized collections of works of art.

[2] If a government reports eligible infrastructure assets using the modified approach,

A. Expenditures for the assets are capitalized.

B. No depreciation expense is required to be recognized.

C. Complete condition assessments must be performed annually.

D. The assets are not being preserved at or above the established and disclosed condition level.

[3] On March 2, Year 4, the city of Finch issued 10-year general obligation bonds at face amount, with interest payable March 1 and September 1. The proceeds were to be used to finance the construction of a civic center over the period April 1, Year 4, to March 31, Year 5. During the fiscal year ended June 30, Year 4, no resources had been provided to the debt service fund for the payment of principal and interest. On June 30, Year 4, Finch should report the construction in progress for the civic center in the

(1) Capital Projects Fund (2) Government-Wide Statement of Net Position

A.Yes Yes

B.Yes No

C.No Yes

D.No No

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