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

question 42

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.

---

Definitions:

Infrequent

Occurring or happening rarely or at wide intervals.

Extraordinary Item

An unusual or infrequent event that is not part of the normal activities of a business and must be reported separately in the financial statements.

Discontinued Operations

Parts of a company's core business or subsidiaries that have been sold, disposed of, or abandoned and are reported separately from continuing operations in financial statements.

Comparative Income Statement

A financial statement that presents the revenues, expenses, and net income for multiple periods to assess a company's financial performance over time.