What are general capital assets? How are they reported in the fund and government-wide financial statements?

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General capital assets are those assets acquired with the resources of governmental funds They are reported as assets in the Governmental Activities column of the governmentwide financial statements at historical cost Those capital assets identified as depreciable are shown net of accumulated depreciation Donated capital assets are recorded at acquisition value and depreciated as appropriate The resources used by the governmental funds to acquire a general capital asset are reported as an expenditure of the acquiring governmental fund ...View the full answer

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Hassan Imtiaz

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