Which of the Following Statements Is True Concerning Accounting and Financial

Multiple Choice

Which of the following statements is true concerning accounting and financial reporting practices related to capital asset acquisitions?

A) Routine capital purchases such as vehicles and equipment often may be financed and accounted for in a General Fund.
B) Most capital lease transactions related to governmental funds are accounted for initially in either the General Fund or a Debt Service Fund.
C) Capital Project Funds may be used only for acquisition or construction of major capital facilities.
D) Most capital projects last only for on fiscal year.