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Author Question: Capital assets are reported in the assets section of the Capital Projects Fund balance sheet. ... (Read 137 times)

genevieve1028

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on: Jul 5, 2018
Capital assets are reported in the assets section of the Capital Projects Fund balance sheet.
 
  Indicate whether the statement is true or false

Question 2

Closing entries are made in the journal and posted to the ledger accounts.
 a. True
   b. False
   Indicate whether the statement is true or false


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Athena23

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

False. Capital Projects Funds only report financial resources, not capital resources. Outlays for capital assets are treated as expenditures, not as assets.

Answer to Question 2

True


genevieve1028

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Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

Bigfoot1984

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Reply 3 on: Yesterday
Excellent

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