In Its Statement of Net Position,a Government Reported

question 124

Multiple Choice

In its Statement of Net Position,a government reported:
•assets of $100 million,including $30 million in capital assets (net) ,and
•liabilities of $40 million,including long-term debt of $15 million,all related to capital asset acquisition.
The government also reported $10 million of net assets were restricted for payment of debt service.The government's Unrestricted Net Position would be reported as:

• A) $15 million.
• B) $25 million.
• C) $30 million.
• D) $35 million.

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Definitions:

Productivity Rate

Measures the efficiency of production in an economy, often calculated as total output per unit of input, such as labor, over a specific period of time.

Current Account Deficit

A measurement of a country's trade where the value of the goods and services it imports exceeds the value of the products it exports.

U.S. Dollars

The official currency of the United States, widely used as a benchmark and reserve currency globally.

Trade Deficit

Occurs when a country's imports exceed its exports during a specific period, indicating a negative balance of trade.