Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter13: Auditing Debt, Equity, And Long-term Liabilities Requiring Management Estimates
Section: Chapter Questions
Problem 31CYBK
Related questions
Question
![Which of the following statements is true regarding bond anticipation notes?
Multiple Choice
Bond anticipation notes can be reported as short-term liabilities in the governmental fund financial
statements.
Bond anticipation notes must be reported as long-term liabilities in the government-wide financial
statements.
Bond anticipation notes can be classified as either short-term liabilities or long-term liabilities in both
the governmental fund and government-wide financial statements depending upon specifications and
intent.
Bond anticipation notes are reported in the governmental fund financial statements as short-term
liabilities and in the government-wide financial statements as long-term liabilities.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6fd53c37-d1a8-4445-950b-e4a3393a7804%2F04eddc0b-b3e7-4489-9539-e8bf4617d0b7%2F7mrdwos_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following statements is true regarding bond anticipation notes?
Multiple Choice
Bond anticipation notes can be reported as short-term liabilities in the governmental fund financial
statements.
Bond anticipation notes must be reported as long-term liabilities in the government-wide financial
statements.
Bond anticipation notes can be classified as either short-term liabilities or long-term liabilities in both
the governmental fund and government-wide financial statements depending upon specifications and
intent.
Bond anticipation notes are reported in the governmental fund financial statements as short-term
liabilities and in the government-wide financial statements as long-term liabilities.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Auditing: A Risk Based-Approach (MindTap Course L…](https://www.bartleby.com/isbn_cover_images/9781337619455/9781337619455_smallCoverImage.gif)
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Auditing: A Risk Based-Approach (MindTap Course L…](https://www.bartleby.com/isbn_cover_images/9781337619455/9781337619455_smallCoverImage.gif)
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,