Quiz Questions Over Government Statements

Fixed assets are reported in the governmental funds Balance Sheet.

Fixed assets are reported in the government-wide Statement of Net Assets.

Both of the above.

Neither of the above.

Change expenditures for debt service principal to reduction of liabilities

Make adjustments to revenues to convert to the accrual basis of revenue recognition

Record capital assets

All of the above

After preparing the government wide statement

After the closing entries

After you have completed all adjustments

None of the above, they are not posted

Government-wide statements are prepared using the economic resources measurement focus and accrual basis of accounting.

Government-wide statements include the Statement of Net Assets, the Statement of Activities, and the Statement of Cash Flows.

Both of the above are true.

Neither of the above is true.

An increase of $400,000

An decrease of $400,000