Generally accepted principles of accounting for typical categories of capital assets based on applicable GASB standards for government unit as:

I. Land

II. Building and building improvements

III. Infrastructure assets

IV. Construction work in progress

V. Intangible assets

Required:

a) Write a report on the classification of general capital assets of a government. Explain the broad categories given above with proper examples of each that are relevant to the government unit. (8 Marks)

b) Show a sample statement of capital Asset disclosure of a government unit. (2 Marks)