Which of the following pairs of accounts are likely to appear on the balance sheet of a government's general fund?
A)cash and buildings
B)cash and investments
C)accounts payable and long-term bonds payable
D)current portion of bonds payable and non-current portion of bonds payable

Question

Quizplus · Accepted Answer

Governments typically maintain cash and investments in their general fund. Buildings, accounts payable, and bonds payable are more likely to be reported on the government's governmental activities or business-type activities column in the government-wide financial statements, rather than the balance sheet of the general fund. The current and non-current portions of bonds payable may be reported in the notes to the financial statements, but not on the balance sheet of the general fund.

Which of the Following Pairs of Accounts Are Likely to Appear