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Measurement focus and basis of accounting in governmental - type funds State whether the following sentences are true or false regarding accounting measurements within governmental

Measurement focus and basis of accounting in governmental-type funds
State whether the following sentences are true or false regarding accounting measurements within governmental-type funds.
Answer 1
1. Capital assets are recognized as assets and depreciated over their estimated useful lives.
Answer 2
2. Repayments of bond principal are recorded as expenditures.
Answer 3
3. Liabilities for employee vacation days earned are not accrued unless they are required to be liquidated with current financial resources.
Answer 4
4. As a general rule, property taxes are recognized as revenue in the year for which the taxes are levied, regardless of when they are expected to be collected.

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