Which of the following statements concerning the reporting of general long-term liabilities is true? a. General long-term
Question:
Which of the following statements concerning the reporting of general long-term liabilities is true?
a. General long-term liabilities are reported both in the governmental funds and the government-wide financial statements.
b. General long-term liabilities are only reported in the government-wide financial statements.
c. General long-term liabilities are only reported in the governmental funds.
d. Advances from other funds that are being repaid over a 10-year period would be reported as a general long-term liability.
e. Items b and d are true statements.
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The correct statement is e Items b and d are true statements Explanation b General longterm liabilit...View the full answer
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Related Book For 
Governmental And Nonprofit Accounting Theory And Practice
ISBN: 9780132552721
9th Edition
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,
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