Which Statement Is False Regarding the Government-Wide Statement of Net

question 48

Multiple Choice

Which statement is false regarding the government-wide Statement of Net Assets?

• A) the purpose of the Statement of Net Assets is to report the economic resources of the government as a whole.
• B) assets are reported excluding capital assets.
• C) capital assets are reported net of depreciation.
• D) investments are reported at fair value rather than historical cost.
• E) Business-type activities include Enterprise Funds.

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Definitions:

Battery

A tort law term for intentional and offensive or harmful physical contact with another person without their consent.

Offensive Touching

An intentional contact with another person in a harmful or offensive manner without the person's consent.

Consent

This refers to the agreement or permission given by a person for something to happen or for someone to do something, typically requiring full understanding and willingness.

Punitive Damages

Financial compensation awarded to a plaintiff that goes beyond what is necessary to compensate for losses and is intended to punish the defendant for egregious conduct.