Question: Why are general capital assets recorded in an off the
Why are general capital assets recorded in an “off the balance sheet” list or schedule, rather than a fund?
Answer to relevant QuestionsA state incurs interest on funds used while a highway was under construction. How will this interest be accounted for on the state’s (a) Capital project’s fund statements and (b) Government-wide statements?Per the provisions of Statement No. 34, governments must report their capital assets similarly to businesses in their government-wide statements. Yet the information provided is still inadequate to facilitate the major types ...The following summarizes the history of the Sharp City Recreation Center:1. In 1987, the city constructed the building at a cost of $1,500,000. Of this amount, $1,000,000 was ﬁnanced with bonds and the balance from ...The schedule that follows pertaining to governmental capital assets was excerpted from the annual report of Urbana, Illinois (with changed dates):A related schedule indicates the following:Capital outlays ... $ ...Northstate University had constructed a theater at a cost of $20 million. It anticipated a useful life of 30 years. After 18 years (with the building 60 percent depreciated), the university dropped its drama program; it no ...
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