1. A city issues bond anticipation notes on October 21, 2020. It refunds the notes with 30-year bonds in January 2021. In its financial statements for the fiscal year ending December 31, 2020, which are issued in April 2021, it should report the bond anticipation notes as obligations a. in both its government-wide statement of net position and a governmental fund balance sheet. b. in its government-wide statement of net position but not its governmental fund balance sheet. c. in its governmental fund balance sheet but not its government-wide statement of net position. d. in neither its governmental fund balance sheet nor its government-wide statement of net position.
1. A city issues bond anticipation notes on October 21, 2020. It refunds the notes with 30-year bonds in January 2021. In its financial statements for the fiscal year ending December 31, 2020, which are issued in April 2021, it should report the bond anticipation notes as obligations
a. in both its government-wide statement of net position and a governmental fund
b. in its government-wide statement of net position but not its governmental fund balance sheet.
c. in its governmental fund balance sheet but not its government-wide statement of net position.
d. in neither its governmental fund balance sheet nor its government-wide statement of net position.
9. A city issues revenue anticipation notes on October 21, 2020. It repays the notes in January 2021. In its financial statements for the fiscal year ending December 31, 2020, which are issued in April 2021, it should report the revenue anticipation notes as obligations
a. in both the government-wide statement of net position and a governmental fund balance sheet.
b. in the government-wide statement of net position but not a governmental fund balance sheet.
c. in a governmental fund balance sheet but not the government-wide statement of net position.
d. in neither a governmental fund balance sheet nor the government-wide statement of net position.
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