GASB Statement No

question 26

Multiple Choice

GASB Statement No.34 requirements for the reporting for general fixed assets include

• A)​the use of account groups
• B)​reporting general fixed assets as a major fund
• C)​general fixed assets will be included only in the government wide financial statements
• D)​report general fixed assets as a component unit

---

Definitions:

GEO

Commonly used as an abbreviation for geographical, related to the physical characteristics of the earth or the distribution of objects, people, or phenomena on Earth.

LEO

Low Earth Orbit, the region of space around the Earth at altitudes between approximately 160 to 2,000 kilometers.

MEO

Medium Earth Orbit, a type of orbit for satellites that is located approximately 2,000-35,786 kilometers above the Earth's surface.

GEO

An abbreviation for Geostationary Orbit, a circular orbit 35,786 kilometers above the Earth's equator and following the direction of the Earth's rotation.