Long-term debt of a governmental unit would be reported in the:
A) government-wide financial statements and proprietary fund financial statements.
B) government-wide financial statements only.
C) debt service funds of governmental fund financial statements and government-wide financial statements.
D) notes to the financial statements only.

Question

Quizplus · Accepted Answer

Government-wide statements are prepared using the economic resource measurement focus and accrual accounting. Balance sheets prepared using the economic resource focus reports the balances in fixed assets and long-term liabilities.

Long-Term Debt of a Governmental Unit Would Be Reported in The