Which of the following would not appear on a governmental fund balance sheet?
A) Accounts receivable.
B) Inventory.
C) Vouchers payable.
D) Bonds payable.

Question

Quizplus · Accepted Answer

Bonds payable would not appear on a governmental fund balance sheet because governmental funds use the modified accrual basis of accounting, which focuses on short-term financial resources and liabilities, rather than long-term debt such as bonds payable.

Which of the Following Would Not Appear on a Governmental