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What are general capital assets? How are they reported in the fund and government-wide financial statements?
Explain general capital assets and the method of reporting them in the fund and government financial statement.
Explanation of Solution
General Capital Assets: The general capital assets are the long-lived assets procured using the General Fund or the government funds.
The general capital assets are shown under the Governmental activities column of the government financial statement. The amount spent on the purchase of the general capital assets are shown as expenditure of acquiring government fund in the government financial statement.
The capital assets are procured using the proprietary and fiduciary funds. They are shown in the statement of net positions and are recorded by their respective funds in the government financial statement.
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Accounting for Governmental & Nonprofit Entities
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