Which of the following expenditures is not capitalized as part of the cost of a capital asset acquired through a Capital Projects Fund?
A. The retained percentage to insure proper completion of the construction by the contractor.
B. Direct materials and labor that are used or consumed in the construction process.
C. Interest expenditures on bond anticipation notes.
D. Reimbursable overhead expenditures related to the construction project.
Question 2
A computer was purchased from unrestricted resources for a general government department. The government paid cash for the computer at the purchase date. Which of the following is not an effect of this transaction in the General Fund?
A. Current assets decrease.
B. Capital assets increase.
C. Current liabilities do not change.
D. Fund balance decreases.
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