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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 governmentaltype funds
State whether the following sentences are true or false regarding accounting measurements within governmentaltype funds.
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Capital assets are recognized as assets and depreciated over their estimated useful lives.
Answer
Repayments of bond principal are recorded as expenditures.
Answer
Liabilities for employee vacation days earned are not accrued unless they are required to be liquidated with current financial resources.
Answer
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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