Chapter 18, Problem 18.24.12P

To determine

Introduction:The object of government-wide financial statements is to represent the financial position and the operating results of the governmental entity as a whole. The government-wide financial statements are as follows:

1. statement of net assets; and
2. statement of activities.

Depreciation is the physical wear and tear of fixed assets which could be calculated by adopting any method.

To choose:Whether the given statement is true or false