Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 93

A city issues a 60-day tax anticipation note to fund operations. What recording should it make
a. The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements.
b. A liability should be reported in the government-wide financial statements and in the fund financial statements.
c. An other financing source should be shown in the government-wide financial statements and in the fund financial statements.
d. An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.