During the current year, a government buys land for $80,000. Which of the following is not true?
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During the current year, a government buys land for $80,000. Which of the following is not true?
a. The land could be reported as an asset by the business-type activities in the government-wide financial statements.
b. The land could be reported as an asset by the governmental activities in the government-wide financial statements.
c. The land could be reported as an asset by the proprietary funds in the fund financial statements.
d. The land could be reported as an asset by the governmental funds in the fund financial statements.
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The correct answer is c The land could not be repor...View the full answer
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