Infrastructure assets and long-term liabilities issued to finance infrastructure should be reported in the
A)Letter of transmittal.
B)Fund financial statements.
C)Management's discussion and analysis.
D)Government-wide financial statements.

Question

Quizplus · Accepted Answer

Infrastructure assets and long-term liabilities issued to finance infrastructure should be reported in the government-wide financial statements. The fund financial statements account for activities of individual funds, while management's discussion and analysis is a narrative section that provides additional information and analysis of a government's financial activities. The letter of transmittal, although often included in a CAFR, does not specifically address the reporting of these types of assets and liabilities.

Infrastructure Assets and Long-Term Liabilities Issued to Finance Infrastructure Should