Cash advances from other funds are never reported as a General Long-term Liability. true or false

A City owned a tract of land had an acquisition value of $400,000 when it was received; however, the current market value of

the tract is $500,000. In addition, the city recently purchased 10 new police cars at a combined cost of $500,000. Their

estimated useful life is 5 years. Finally, the city constructed a warehouse at a cost of $250,000. The warehouse has an

anticipated useful life of 15 years. The original capitalized value of the capital assets in the General Capital Asset accounts

would be

1,150,000

$1,250,000

$0

$750,000

Which of the following statements concerning the reporting of general long-term liabilities is true

General long-term liabilities are only reported in the government-wide financial statements.

Advances from other funds that are being repaid over a 10-year period would be reported as a general long-term liability.

General long-term liabilities are only reported in the governmental funds.

General long-term liabilities are reported both in the governmental funds and the government-wide financial statements.

Cash advances from other funds are never reported as a General Long-term Liability. true or false