Depreciation on Capital Assets Is Included as an Expense in the Statement

question 149

True/False

Depreciation on capital assets is included as an expense in the Statement of Activities in the governmental fund statements.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide the preparation and presentation of financial statements globally.

Comparative

Relating to the analysis of financial information by comparing data from different time periods or entities.

Prior-period Information

Financial information related to a previous reporting period that is used for comparison or adjustment purposes in current financial statements.

Disclosure

The act of providing important information to shareholders and the public, which is typically mandated by law or regulations.