In Its Government-Wide Statement of Net Assets,a Government Reported Assets

question 86

Multiple Choice

In its government-wide Statement of Net Assets,a government reported assets of $155 million,including $50 million in capital assets (net of depreciation) ,and liabilities of $80 million,including long-term debt of $60 million,$40 million of which was issued to acquire capital assets.In addition,$30 million was restricted for debt service and other purposes.The government's unrestricted net assets would be reported as:

• A) $85 million.
• B) $55 million.
• C) $45 million.
• D) $35 million.

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Definitions:

Résumé

A document presenting an individual's background, skills, and accomplishments, typically used to secure new employment.

Best Effort

Applying the highest level of attempt or endeavor to accomplish a task or achieve a goal, often without guarantee of success.

Interview

A formal meeting in which one or more persons question, consult, or evaluate another person, typically for the purpose of obtaining information or assessing qualifications.

Laid Off

The termination of employment due to business reasons unrelated to personal performance, such as downsizing.