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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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Posts: 5977
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9 years ago
To account for amounts owed to general government bondholders that must be paid in the future, a government should use
A.   A Debt Service Fund.
B.   The General Long-Term Liabilities account.
C.   The General Fund
D.   A Private-Purpose Trust Fund.
(Answer B; Moderate; LO6)

47.   Assume that the City of Wakefield purchased a tract of land to be used as a public park. The purchase was financed with proceeds from a five-year note issued by a local lending institution. Because of the time required for facilities construction and land improvements, the park itself will not be ready for public use for at least two years. At the date of purchase, the city would most likely account for the transaction in
A.   The General Fund and General Long-Term Liabilities accounts.
B.   The Capital Projects Fund, the General Capital Assets accounts, and the General Long-Term Liabilities accounts.
C.   The Enterprise Fund.
D.   The General Fund, the General Capital Assets account, and the General Long-Term Liabilities account.
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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