The General Capital Assets Nonfund Account Would Be Used to Account

question 18

Multiple Choice

The General Capital Assets nonfund account would be used to account for

• A) All capital assets acquired by a government entity regardless of the fund purchasing the asset.
• B) Capital assets acquired with governmental fund resources that will be used in governmental fund activities.
• C) Capital assets acquired with debt proceeds only.
• D) Capital assets that are used by a variety of governmental and proprietary funds.

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Definitions:

Tariff

A tax imposed by a government on goods and services imported from other countries, aiming to protect domestic industries from foreign competition.

Quota

A government-imposed trade restriction limiting the number or monetary value of goods that can be imported or exported.

Nations Trade

The exchange of goods, services, and capital between countries, driven by comparative advantages and specialization.

Frederic Bastiat

A 19th-century French economist and writer known for his advocacy of classical liberalism and his witty criticisms of protectionism.