Which of the following should not be reported as a liability of the General Fund?
A)General obligation bonds payable (due in 10 years).
B)Vouchers payable.
C)Tax anticipation notes payable.
D)Due to federal government.

Question

Quizplus · Accepted Answer

General obligation bonds payable are long-term liabilities and are not reported in the General Fund, which accounts for current financial resources and liabilities.

Which of the Following Should Not Be Reported as a Liability