Which of the following statements is correct with respect to general long-term debt? a. Long term debt
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 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 un-matured 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.
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws