1. Short Answer: GASB allows SLGs to provide for the removal of general government long-term debt principal from the GLTL and year-end Government-wide financial statements if replacement debt is issued by an SLG. Please list the names of the two different situations in which GASB allows for this, and briefly describe each.

1. __________________________________________________________________________

2. __________________________________________________________________________

2. Which of the following year-end financial statements must be prepared by SLG Proprietary Funds?

1. Statement of revenues, expenditures, and changes in fund net position (operating statement)
2. Statement of general government capital assets and long-term liabilities
3. Statement of functional expenditures
4. Statement of cash flows

True or False: Long-term general government liabilities reported in the GLTL include bond premiums on bonds issued for general government purposes