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  3. 1-3 when a government receives a donated cap

1-3 When a government receives a donated capital asset,...

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Accounting

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When a government receives a donated capital asset, it should be reported at: a. donor's historical costs plus any transaction costs b. what the appraisal says c. fair value d. donee's historical costs plus any transaction costs Which is the most correct time to report a liability in governmental fund statements? a. When it is both known and measurable b. when it is paid c. never reported in the governmental funds d. when the liability occurred The general fund transfers $1,100,000 to the debt service fund. $100,000 of this is for interest expense and $1,000,000 of this is for payment of principal. What should the CREDIT entry be for the Debt Service fund? a. $100,000 in interest expenditure and $1,000,000 to notes payable b. $1,100,000 Nonreciprocal transter from general fund c. $100,000 in interest expense and $1,000,000 to notes payable d. cash e. debt service expenditure

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