all plz AsAP 12, per GASB #34, roads and bridges should be capitalized and repor

Question

all plz AsAP

12, per GASB #34, roads and bridges should be capitalized and reported as assets on: A) Both a government-wide statement of net position and a general fund balance sheet B) Neither a government-wide statement of net position nor a general fund balance sheet CI A government-wide statement of net position but not a general fund balance sheet D) A general fund balance sheet but not a government-wide statement of net position 13. Approximately what percentage of local governments use the modified approach in lieu of standard depreciation? A) 5% B) 25% C)50% D) 80% 14. Under GASB which costs would not be capitalized? A) Acquisition costs B) Construction interest costs C) Transportation costs D) Installation costs 15. An Agency Fund is classified as a: A) Permanent fund B) Internal service fund C) Governmental fund D) Fiduciary fund 16. Which of the following is not a fiduciary fund? A) Pension trust fund B) Investment trust fund C) Permanent Fund D) Private purpose trust fund conditions. Which of the following is not one of these conditions? A) They are protected and preserved B) They are subject to a policy that requires the proceeds from the sale of collection items to be used to acquire other items for the collection C) They are held for public exhibition D) They are insured and appraised within every 3 year period 17. Under GASB, in order for an art collection to avoid being capitalized, it needs to satisfy 3 NSTRUCTION Use a No. 2 Ps 240000 480096

Explanation / Answer

12. Per GASB #34, roads and bridges should be capitalised and reported as an asset on A government-wide statement of net assets but not a general fund balance sheet.

13. Approximately 25% of local goverments used teh modified approach in lieu of standard depreciation.

14.Under GASB Construction interest cost would not be capitalised.

15.An agency fund is classified as Fiduciary funds .

16. The Permanent Fund is not a fiduciary fund.

Explanation: As per GASB 34fiduciary funds are pension trust funds, private-purpose trust funds,investment trust funds and agency funds.

17.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.