The historical cost principle allows for assets to be recorded at actual cost.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Pursuant to law, a state agrees to reimburse a county 50 percent of the costs incurred by the county to maintain county roads, provided the county incurs no more than 800,000 in allowable costs.
Allowable costs include accrued but unpaid salaries, but do not include encumbrances. For its calendar year 2012, the county's records show the following for its road maintenance program: cash disbursements - 780,000; accrued salaries payable -15,000; encumbrances - 10,000 . How much intergovernmental revenue should the county recognize in its government-wide financial statements?
a. 390,000
b. 397,500
c. 400,000
d. 402,500
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