Quick

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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