Final answer:
It is true that GASB requires general capital assets to be included in government-wide financial statements to reflect the government's financial position accurately.
Step-by-step explanation:
The statement that GASB requires general capital assets to be included in the government-wide financial statements is True. The Governmental Accounting Standards Board (GASB) sets out standards for accounting and financial reporting for state and local governments in the United States.
General capital assets, which can include infrastructure, buildings, vehicles, and other long-lived assets, must be reported in the government-wide financial statements, which consist of the statement of net position and the statement of activities, to provide a clearer picture of the financial health and resources of the government.
These financial statements provide a comprehensive view of a government's financial position and results of operations. Including general capital assets ensures that the financial statements reflect the government's total resources and obligations related to those assets.