A fire destroyed one of Government A's fire stations, which had a net book value of 635,000 . The government received an insurance settlement of 400,000 in the same fiscal year the fire had occurred.
Which of the following best describes the external financial reporting in the year of the fire?
A. A special item in the amount of 635,000 should be reported in government-wide financial statements only.
B. A loss of 235,000 should be reported in the government-wide financial statements only.
C. A loss of 235,000 should be reported in both the General Fund and the government-wide financial statements.
D. A special item of 235,000 should be reported in the government-wide financial statements only.
Question 2
The correspondence or agreement between the information and the actual events or objects that the information represents is known as
a. accuracy
b. completeness
c. neutrality
d. comparability
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