Question

JE amount to report fixed assets government wide financials:

1. Purchase
2. Construction
3. Capital lease
4. Donated
5. Forfeiture

Answer 1

Fixed assets reported in government wide financials include purchases, construction, capital lease, donated assets, and assets acquired through forfeitures.the right answer is D)

Step-by-step explanation:

Fixed assets are important for governments as they represent long-term investments and are not easily converted into cash. When preparing the government wide financial statements, the following amounts related to fixed assets are reported:

1. Purchase: The cost of acquiring fixed assets is reported.
2. Construction: The cost of building or improving fixed assets is reported.
3. Capital lease: The present value of lease payments for assets acquired under capital leases is reported.
4. Donated: The value of fixed assets donated to the government is reported.
5. Forfeiture: Fixed assets acquired through legal forfeitures are reported.