In 2021, Garden City bought land for $50,000. Which of the following is not true? O a. The land could be reported as an asset by the business-type in the fund-based financial statements. O b. The land could be reported as an asset by the governmental funds in the fund-based financial statements. O c. The land could be reported as an asset by the governmental funds in the government-wide financial statements. O d. The land could be reported as an asset by the business-type activities in the government-wide financial statements.

In 2021, Garden City bought land for $50,000. Which of the following is not true? O a. The land could be reported as an asset by the business-type in the fund-based financial statements. O b. The land could be reported as an asset by the governmental funds in the fund-based financial statements. O c. The land could be reported as an asset by the governmental funds in the government-wide financial statements. O d. The land could be reported as an asset by the business-type activities in the government-wide financial statements.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter16: Tax Research

Section: Chapter Questions

Problem 49RC

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