ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
17th Edition
ISBN: 9781308820217
Author: RECK
Publisher: Mcgraw-Hill/Create
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Chapter 6, Problem 1Q
To determine
Explain the manner by which general long term liabilities are different from other long term liabilities and also explain the differences in financial reporting of general long term liabilities and other long term liabilities.
Expert Solution & Answer
Explanation of Solution
The manner in which general long term liabilities are different from other long term liabilities is as follows:
General long term liabilities are an obligation that arises from financing activities such as issuance of bonds and notes and leases and are not reported as fund liabilities of a proprietary or fiduciary fund.
The “fund” long-term liabilities are an obligation that are incurred by a proprietary or fiduciary fund and for which debt service would be paid from that fund.
The differences in financial reporting of general long term liabilities and other long term liabilities are as follows:
General long term liabilities are reported in the Governmental Activities column of the government-wide statement of net position (
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Chapter 6 Solutions
ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
Ch. 6 - Prob. 1QCh. 6 - What disclosures about long-term liabilities are...Ch. 6 - Prob. 3QCh. 6 - Prob. 4QCh. 6 - Prob. 5QCh. 6 - What is overlapping debt? Why would a citizen care...Ch. 6 - Prob. 7QCh. 6 - Prob. 8QCh. 6 - Prob. 9QCh. 6 - Under what circumstances might a government...
Ch. 6 - Prob. 11CCh. 6 - Prob. 12CCh. 6 - Prob. 13CCh. 6 - Prob. 14CCh. 6 - Prob. 16.1EPCh. 6 - Proceeds from bonds issued to construct a new city...Ch. 6 - The liability for long-term debt issued to finance...Ch. 6 - Which one of the following statements regarding...Ch. 6 - Prob. 16.5EPCh. 6 - Prob. 16.6EPCh. 6 - Prob. 16.7EPCh. 6 - Prob. 16.8EPCh. 6 - Prob. 16.9EPCh. 6 - Prob. 16.10EPCh. 6 - Prob. 17EPCh. 6 - Budgeted and Actual Debt Service Transactions. The...Ch. 6 - Prob. 19EPCh. 6 - Prob. 20EPCh. 6 - Debt Service Fund Trial Balance. Following is...Ch. 6 - Prob. 22EPCh. 6 - Prob. 23EPCh. 6 - Prob. 24EP
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