A municipality was granted certain land for use as a playground. The property's estimated acquisition value was $400,000 at the time of the grant. Subsequently, all land in the neighborhood rose in value by 30%. Should the increase be reflected in the GCA accounts? Why or why not?

Answer rating: 100% (QA)

In the context of governmental accounting the term GCA typically refers to General Capital Assets General Capital Assets include land buildings equipm... View the full answer