City X purchased $6,000 of new computers during the year fromthe general fund. Which of the following statements is correctabout how this would be recorded?The fixed assets in the government wide financial statements wouldnot increase.The fixed asset accounts in the government wide financial statementswould increase $6,000There are no long term fixed assets in governmental accounting.O The fixed asset accounts in the governmental fund statements wouldincrease $6,000

In governmental accounting, the general fund is the main fund that is utilized to document financial…

Answered: City X purchased $6,000 of new…

City X purchased $6,000 of new computers during the year from the general fund. Which of the following statements is correct about how this would be recorded?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

City X purchased $6,000 of new computers during the year from
the general fund. Which of the following statements is correct
about how this would be recorded?
The fixed assets in the government wide financial statements would
not increase.
The fixed asset accounts in the government wide financial statements
would increase $6,000
There are no long term fixed assets in governmental accounting.
O The fixed asset accounts in the governmental fund statements would
increase $6,000

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