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Interfund transfers between individual governmental funds, as reported in the governmental funds statement of revenues, expenditures, and changes in fund balance, are eliminated against each other and not shown on the government-wide statement of activities.

True or False

To prepare the governmental activities column of the government-wide statement of net position, expenditures for capital outlay reported in governmental funds during the current year should be reclassified as capital outlay expenses.

True or false

A government that has deferred inflow of resources--unavailable property taxes at its fiscal year-end must reclassify those deferred inflows as Revenues--property taxes for its government-wide statement of activities.

True or false

Infrastructure assets are long-lived capital assets that normally are stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets.

True or False

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