The city of New Brittain had a capitalization threshold for both general capital assets and proprietary fund capital assets of 1,000 . Management decided to raise the threshold to 5,000 . Which of the following statements is false?
a. For financial reporting purposes, the city will simply apply the new threshold prospectively. All capital assets originally capitalized under the original threshold will continue to be reported until they are fully depreciated.
b. All capital assets with a net book value of less that 1,000 will no longer be reported as capital assets.
c. The city will report a prior period adjustment to reflect the change in threshold in the General Fund.
d. Both items a and c are false.
e. Items a, b, and c are all false.
Question 2
The spaces in the purchases journal used for the invoice date and terms are intended to make it easier to pay the bill on time.
a. True
b. False
Indicate whether the statement is true or false
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