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Basis of accounting in governmental-type funds

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Question: (Measurement focus and basis of accounting in governmental-type funds) State whether the following sentences are true or false regarding accounting measurements within governmental-type funds . If the sentence is false, state why.

1. Capital assets are recognized as assets and depreciated over their estimated useful lives.

2. Repayments of bond principal are recorded as expenditures.

3. Liabilities for compensated absences are not accrued unless they are required to be liquidated with current financial resources.

4. As a general rule, property taxes are recognized as revenue and reported in the operating statement, provided they are expected to be collected at a future date.

Reference no: EM131704612

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