The objectivity concept requires that
a. business transactions be consistent with the objectives of the entity
b. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accountingstandards
c. accounting principles meet the objectives of the Security and Exchange Commission
d. amounts recorded in the financial statements be based on independently verifiable evidence
Question 2
A government had capital outlay expenditures of 226,000 during the year in the General Fund. It was determined that 195,000 of the capital outlay should be reported as capital assets in the government-wide financial statements.
What would the conversion worksheet adjustment be to record the capital assets as a governmental activity?
dr cr
a. Capital Outlay Expenditures 226,000Fund Balance 226,000
b. Capital Outlay Expenditures 195,000Fund Balance 195,000
c. Capital Assets 226,000Capital Outlay Expenditures 226,000
d. Capital Assets 195,000
Capital Outlay Expenditures 195,000
e. None of the above.
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