Equipment Acquired Under a Capital Lease for Use by an Internal

question 44

True/False

Equipment acquired under a capital lease for use by an internal service fund will be reported as a capital asset in both the fund and government-wide financial statements.

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Definitions:

SEC

Securities and Exchange Commission, a U.S. federal agency responsible for enforcing federal securities laws and regulating the securities industry and stock markets.

Prospectus Approval

The process of getting approval from regulatory authorities for a document offering securities or financial instruments for sale, detailing terms and conditions.

Investment Bank

An organization that assists companies in issuing securities and selling them to investors.

Market

A place or mechanism where buyers and sellers can trade goods, services, securities, or other items of value.