31.An asset may be considered impaired if either the decline in the service utility is unexpected or the amount of the decline in service utility is large.
32.GASB requires that “collections” be capitalized and depreciated.
33.When using the modified approach to record infrastructure, expenditures to widen a 2-lane road to 4-lanes would be charged to an expense, in lieu of depreciation.
34.General long-term debt, to be paid out of resources of the government's taxing power, is reported in both the governmental fund Balance Sheet and the government-wide Statement of Net Position.
35.The Statement of Net Position and Statement of Activities and Statement of Cash Flows are the only three statements for the government-wide financial statements.
36.Debt margin is the difference between the amount of debt limit outstanding and the amount of indebtedness allowed by law.
37.Internal Service Funds are most commonly included in the business-type activities category of the government-wide statements.
38.Internal Service Funds are most commonly incorporated into the governmental activities category of the government-wide statements.
39.Governments may choose either to depreciate infrastructure assets or use the modified approach.
40.Internal service funds provide services to governmental departments; therefore they are incorporated into the business-type activities category of the government-wide statements.