5. Assets financed through a capital projects fund should be capitalized in the government-wide financial statements:

a Only when construction is completed b On the basis of expenditures to date in Construction in Progress c On the basis of expenditures and encumbrances to date in Construction in Progress d On the basis of amounts paid to date in Construction in Progress 700 CHAPTER 20 E 20-5 Multiple choice [Based on AICPA]