Which of the Following Is the Most Accurate Statement Regarding

question 5

Multiple Choice

Which of the following is the most accurate statement regarding the depreciation of general capital assets in the governmental activities column of the statement of activities?

• A)All general capital assets must be depreciated
• B)General capital assets are not required to be depreciated
• C)General capital assets should be depreciated,but financial statement preparers may choose not to depreciate land and infrastructure assets
• D)General capital assets should be depreciated,except for land and infrastructure assets that are reported using the "modified approach."

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Definitions:

Citizenship

The status of being a member of a country with certain rights and responsibilities under the country's law.

Unjust Enrichment

A legal concept where one person benefits at another's expense without legal justification, necessitating restitution to the aggrieved party.

Employment-At-Will Rule

A legal doctrine stating that an employment relationship can be terminated by either the employer or the employee at any time, for any reason not prohibited by law, without prior notice.

Implied Covenant

A legal agreement that is not explicitly stated but is assumed to exist due to the nature of the transaction or relationship.