A government buys equipment for its police department at a cost of $54,000. Which of the following
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A government buys equipment for its police department at a cost of $54,000. Which of the following is not true?
a. Equipment will increase by $54,000 in the government-wide financial statements.
b. Depreciation in connection with this equipment will be reported in the fund financial statements.
c. The equipment will not appear within the reported assets in the fund financial statements.
d. An expenditure for $54,000 will be reported in the fund financial statements.
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The correct answer is a Equipment will increase by 54000 in the govern...View the full answer
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