A village issues $3,000,000 of general obligation bonds to build a new firehouse. How should the debt be reported?

a. As a liability in the government-wide statement of net position.
b. As a liability in the fund balance sheet.
c. As proceeds of debt in the government-wide statement of activities.
d. As a liability in both the fund balance sheet and the government-wide statement of net position.

Answer rating: 100% (QA)

Solution a As a liability in the governmentwide statement of net position Explanation ... View the full answer