Land Is Listed First Under Plant, Property and Equipment

question 31

True/False

Land is listed first under Plant, Property and Equipment.

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Definitions:

Governmental Fund Financial Statements

Financial reports that focus on the sources, uses, and balances of governmental funds and provide insight into fiscal accountability.

Proprietary Funds

Funds used by a governmental entity to account for activities similar to those found in private businesses, where the determination of net income, financial position, and changes in financial position is necessary.

For-Profit Organizations

Entities that operate with the primary goal of earning profit, distributing earnings to owners or shareholders.

Fiduciary Funds

Financial resources administered by a trustee or fiduciary on behalf of individuals or entities, following specific guidelines and for a specific purpose.