Author Question: Which of the following statements is true regarding the inclusion of individual non-major funds in ... (Read 81 times)

vinney12 · **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