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Gov Non Profit, ACG 4501, Ch 5 (DETAILED ANSWERS) Semester 1 2024 (697836) - DISTINCTION
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Gov Non Profit, ACG 4501, Ch 5 (DETAILED ANSWERS) Semester 1 2024 (697836) - DISTINCTION
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8/6/24, 2:53 AMGov Non Profit, ACG 4501, Ch 5
Jeremiah
Terms in this set (62)
General capital assets may be specifically FALSE
associated with activities financed by
proprietary and fiduciary funds.
General capital assets should be proprietary; fiduciary
distinguished from capital assets specifically
associated with activities financed by
_____________ and _________ funds
Acquisitions of general capital assets FALSE
requiring substantial amounts of money are
ordinarily financed through a special
revenue fund appropriation in a single
budgetary period.
Leases involving equipment are commonly the General Fund
accounted for in
GASB standard require that general capital Historical Cost
assets be recorded at:
- Depreciation expense for the current period
Disclosures for each major class of capital
- Capital acquisitions during the year
assets should include:
- Sales or dispositions during the year
Judgements levied from damage suits in TRUE
connection with land acquisition are
considered capital costs of the property
acquired.
Land improvements the deteriorate over time should be depreciated
Capital assets constructed by outside the contract price
contractors are capitalized at
- transportation costs
The cost of machinery and equipment - installation costs
Gov Non Profit, ACG 4501, Ch 5
1/7
, 8/6/24, 2:53 AM
Capital assets such as highways, streets, infrastructure assets
sidewalks, storm drainage systems, and
lighting systems are called:
Under the ______________ , a government modified approach
can elect not to depreciate certain eligible
infrastructure assets, provided that two
requirements are met.
Intangible assets are defined by the GASB as - have a useful life of more than one period
capital assets that: - lack physical substance
The entry to record the inception of a capital a credit to Other Financing Sources - Capital Lease Agreements in the Special Revenue
lease for the acquisition of general capital Fund for the present value of the lease payments.
assets would include:
The entry to record the inception of a capital a credit to Lease Obligations Payable in the Governmental activities
lease for the acquisition of general capital
assets would include:
- Sales
Events that reduce the recorded cost of
- Theft or loss
capital assets include:
- Retirements
The GASB defines an _____________ as a asset impairment
significant, unexpected decline in the
service utility of a capital asset
If an asset impairment is significant in amount - be reported as either a special item or extraordinary item as appropriate
and results from an event that is considered - be recorded as a program expense in the government-wide statement of activities
unusual in nature, the loss due to impairment
should:
In a ________________ , a government service concession arrangement
transfers the rights and obligations of an
asset to another legally separate
governmental or private sector entity.
Required GASB disclosures about capital business-type
assets must be mad for both for the general
capital assets reported in the Governmental
Activities column and those assets reported
in the __________ activities column of the
government-wide financial statements
The account used to capitalize the Work in Progress
accumulated cost of partially completed
general capital assets is Construction
______________________________.
Identify which of the following should be - Change in equipment that increases its output
capitalized as part of the asset> - Additions of a room to a building
In a service concession arrangement, the - reports any related contractual obligations as liabilities
transferring government generally: - continues report the transferred asset as a capital asset
The loss due to an asset impairment that is recorded as a program expense in the government-wide statement of activities
not significant in order, unusual in nature or
infrequently occurring is:
Gov Non Profit, ACG 4501, Ch 5
https://quizlet.com/371453249/gov-non-profit-acg-4501-ch-5-flash-cards/ 2/7
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