Capital Assets Used by Governmental Funds Should Be Reported In

question 48

Multiple Choice

Capital assets used by governmental funds should be reported in:

• A) The appropriate governmental funds.
• B) The property, plant, and equipment fund.
• C) Departmental memorandum records.
• D) The governmental activities column of the government-wide statements.

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Definitions:

Adjusting Journal Entries

Entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Closing Journal Entries

Entries made in the accounting records at the end of an accounting period to transfer balances from temporary to permanent accounts.

Salary Expense

An expense account that records the total amount of salary payments made to employees over a period of time.

Accrued Salaries

Salaries that have been incurred but not yet paid, representing a liability for the company.