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Author Question: Which of the following statements is true regarding the inclusion of individual non-major funds in ... (Read 99 times)

vinney12

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on: Jul 5, 2018
Which of the following statements is true regarding the inclusion of individual non-major funds in the fund-level financial statements?
 
  a. Individual non-major internal service funds are reported in the fund-level financial statements if a government makes a special election to report them
  b. Individual non-major funds must always be reported in the fund-level financial statements.
  c. Individual non-major funds must be reported in the fund-level financial statements if, in total, they are more than 50 percent of the total assets or liabilities of the fund category.
  d. Individual non-major funds may be reported as major funds in the fund-level financial statement if governmental officials believe it is important to financial statement users.

Question 2

A computer workstation cost 35,000, has an expected life of 7 years, and an expected salvage value of 7,000 . Depreciation expense using the straight-line method will be 5,000 per year.
 a. True
   b. False
   Indicate whether the statement is true or false


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jamesnevil303

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Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

False


vinney12

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

jordangronback

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Reply 3 on: Yesterday
:D TYSM

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