Governmental activities accounts at the inception


Equipment acquired under capital leases and used by activities accounted for in governmental funds should be recorded in the governmental activities accounts at the inception of the lease at:

A) Fair value.

B) Present value of minimum lease payments.

C) Lower of fair value or present value of minimum lease payments.

D) None of the above; leased assets should not be recorded in the accounts.

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Accounting Basics: Governmental activities accounts at the inception
Reference No:- TGS092997

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