The proceeds of a long-term bond issue were used by a county to acquire general fixed assets. The long-term liability is recordeda. only in the general long-term debt account group.b. only in the general fund.c. both in the general fund and in the general long-term debt account group.d. in the appropriate governmental fund, depending on the nature of the asset involved.
The proceeds of a long-term bond issue were used by a county to acquire general fixed assets. The long-term liability is recordeda. only in the general long-term debt account group.b. only in the general fund.c. both in the general fund and in the general long-term debt account group.d. in the appropriate governmental fund, depending on the nature of the asset involved.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The proceeds of a long-term bond issue were used by a county to acquire general fixed assets. The long-term liability is recorded
a. only in the general long-term debt account group.
b. only in the general fund.
c. both in the general fund and in the general long-term debt account group.
d. in the appropriate governmental fund, depending on the nature of the asset involved.
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