QUESTION 6 According to the GASB Capital assets O A must be

QUESTION 6 According to the GASB, Capital assets: O A must be reported in government wide statements but are not reported in any of the fund 2 points sa financial statements O B. are not to be reported in either government-wide or fund financial statements. Care to be reported but not depreciated in government-wide and fund financial statements. O D. must be reported in government-wide statements and in proprietary fund financial statements. 2 points QUESTION 7 According to GASB, which of the following is an example of a nonspendable fund balance?

Solution

D. must be reported in government -wide statements and in proprietary fund financial statements.

As per GASB statement 34 capital assets must be reported in both government wide statement and in proprietary fund financial statements.