Key Characteristics of the Statement of Net Assets Include All

question 22

Multiple Choice

Key characteristics of the statement of net assets include all of the following except:

• A)general long-term liabilities at face value only
• B)all capital assets
• C)depreciation on capital assets except for certain infrastructure exceptions
• D)interfund payables and receivables between governmental funds are eliminated

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Definitions:

Non Est Factum

A defense in contract law where a party claims they were mistaken about the nature of the document signed, not merely its terms.

Caveat Emptor

A Latin phrase meaning "let the buyer beware," placing the responsibility on the buyer to perform due diligence before making a purchase.

Equitable Remedy

A court-ordered action typically taken to prevent or resolve harm rather than monetary compensation, aiming to ensure fairness.

Statutory Assignment

The transfer of rights or benefits from one party to another as regulated and permitted by law.