Capital assets are reported in the assets section of the Capital ...

[genevieve1028]

Capital assets are reported in the assets section of the Capital Projects Fund balance sheet.
 
  Indicate whether the statement is true or false

Question 2

Closing entries are made in the journal and posted to the ledger accounts.
 a. True
   b. False
   Indicate whether the statement is true or false

[Athena23]

Answer to Question 1

False. Capital Projects Funds only report financial resources, not capital resources. Outlays for capital assets are treated as expenditures, not as assets.

Answer to Question 2

True

[genevieve1028]

Thanks for the timely response, appreciate it

[dawsa925]

TYSM