Question
Which of the following statements is correct with respect to general long-term debt. a. Long term debt is recorded in the individual funds, but not
Which of the following statements is correct with respect to general long-term debt.
a. Long term debt is recorded in the individual funds, but not the government-wide statements.
b. General long term debt included the noncurrent portion of capital lease arrangements, compensated absences and net pension obligation but not the principal portion of unmatured bonds.
c. Required disclosures for the government-wide statements include the Schedule of Changes in Long-term Debt and Schedule of Debt Service Requirements are required disclosures in the government-wide statements.
d. Since interest is accrued in the Debt Service Fund, no additional accrual is necessary when converting to the government-wide basis.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started