Matching
State whether these statements are true or false.Discuss why the false statements are false.
Premises:
All funds report both financial resources and capital resources.
All the long-term debt of a government,including the long-term debt that will be financed by Enterprise Fund revenues,is reported in the fund-level financial statements.
For financial reporting purposes,operating transfers from one fund to another are generally reported in a separate section of the operating statements for each of the funds.
For financial reporting,current assets and liabilities are separated from long-term assets and liabilities in the balance sheets of Enterprise Funds.
Long-term liabilities resulting from the operating activities of a General Fund,such as accrued vacation leave,are reported in the fund-level financial statements.Long-term liabilities resulting from the capital acquisition activities of a Capital Projects Fund,however,are not.
Responses:
True
False
Correct Answer:
Premises:
Responses:
All funds report both financial resources and capital resources.
All the long-term debt of a government,including the long-term debt that will be financed by Enterprise Fund revenues,is reported in the fund-level financial statements.
For financial reporting purposes,operating transfers from one fund to another are generally reported in a separate section of the operating statements for each of the funds.
For financial reporting,current assets and liabilities are separated from long-term assets and liabilities in the balance sheets of Enterprise Funds.
Long-term liabilities resulting from the operating activities of a General Fund,such as accrued vacation leave,are reported in the fund-level financial statements.Long-term liabilities resulting from the capital acquisition activities of a Capital Projects Fund,however,are not.
Premises:
All funds report both financial resources and capital resources.
All the long-term debt of a government,including the long-term debt that will be financed by Enterprise Fund revenues,is reported in the fund-level financial statements.
For financial reporting purposes,operating transfers from one fund to another are generally reported in a separate section of the operating statements for each of the funds.
For financial reporting,current assets and liabilities are separated from long-term assets and liabilities in the balance sheets of Enterprise Funds.
Long-term liabilities resulting from the operating activities of a General Fund,such as accrued vacation leave,are reported in the fund-level financial statements.Long-term liabilities resulting from the capital acquisition activities of a Capital Projects Fund,however,are not.
Responses:
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