A city government has obtained an asset through a capital lease. Which of the following is true
Question:
A city government has obtained an asset through a capital lease. Which of the following is true for the government-wide financial statements?
a. The accounting parallels that used in for-profit accounting.
b. The city must report an other financing source.
c. The city must report an expenditure.
d. Recognition of depreciation is optional.
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The correct answer is a The accounting parallels that used in forprofit ac...View the full answer
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