Capital assets of an enterprise fund should be reported in the: A. Government wi

Question

Capital assets of an enterprise fund should be reported in the: A. Government wide statement of net position only B proprietary funds statement of net position only C. General fixed asset account group only D. Government wide statement of net position and proprietary funds statement of net position Capital assets of an enterprise fund should be reported in the: A. Government wide statement of net position only B proprietary funds statement of net position only C. General fixed asset account group only D. Government wide statement of net position and proprietary funds statement of net position A. Government wide statement of net position only B proprietary funds statement of net position only C. General fixed asset account group only D. Government wide statement of net position and proprietary funds statement of net position

Explanation / Answer

Answer : "D. Government wide statement of net position and proprietary funds statement of net position"

=> The capital assets of an enterprise fund has to be reported in the net position of both the Government wide statement and proprietary funds statement.

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