Homework Answers
Answer :-
The correct answer is Option D - As an expenditure of the capital projects fund and a capital asset in the government-wide Statement of Net Position.
Explanation :-
Construction Cost is the cost which is incurred for constructing an additional to city hall ie. Materials,labour and Overhead etc are construction cost for any project.Therefore, the Construction Cost is the Expenditure of Capital project fund.As it need huge amount of Capital for construction of project.Suppose if we constructed a floor on building, then After Construction the value of Building would increased .Then this would reported in Capital Asset.
Options B and C was totally wrong as because construction cost Connot be treated as a capital asset in the Stacement of Net Position only and an expendture of the capital projects fund only .
In option A it mention as Expense in government wide Statement of Activities is totally wrong it is treated as Capital Assets in the government-wide Statement.
So Construction Cost be reported as an Expenditure of the Capital project fund and a capital asset in the government-wide Statement of Net Position.
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Question 3:
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Please bold answer in
explanation
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Question 3:
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