In 2021, Garden City bought land for $50,000. Which of the following is not true? O a. The land could be reported as an asset by the business-type in the fund-based financial statements. O b. The land could be reported as an asset by the governmental funds in the fund-based financial statements. O c. The land could be reported as an asset by the governmental funds in the government-wide financial statements. O d. The land could be reported as an asset by the business-type activities in the government-wide financial statements.

In 2021, Garden City bought land for $50,000. Which of the following is not true? O a. The land could be reported as an asset by the business-type in the fund-based financial statements. O b. The land could be reported as an asset by the governmental funds in the fund-based financial statements. O c. The land could be reported as an asset by the governmental funds in the government-wide financial statements. O d. The land could be reported as an asset by the business-type activities in the government-wide financial statements.

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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