If a Primary Government Has an Equity Interest in a Joint

question 43

Multiple Choice

If a primary government has an equity interest in a joint venture, the net investment (total equity interest) is reported as

• A) An asset of either governmental or business-type activities, as appropriate, in the government-wide statement of net position.
• B) An asset of the General Fund in the governmental funds balance sheet.
• C) A liability of either governmental or business-type activities, as appropriate, in the government-wide statement of net position.
• D) A Permanent Fund in the governmental funds financial statements.