chapter 6 - Chapter 6 Questions 1,2,3,8 Problems 2,3,8,9...

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Chapter 6 Questions 1,2,3,8 Problems 2,3,8,9 Questions 1. General long term liabilities are from activities of the general fund or another governmental fund. The general long term liabilities are reported only in the Governmental Activities column of the government wide financial statements and not in any fund. 2. Note disclosures show the beginning balance of each major class of long term liability and additions to, deletions from, and the ending balance. All long term debt and operating long term liabilities are presented in the note disclosures. 3. a. A fund receiving the benefits of the bond issued would record a debit to cash and a credit to other financing sources- Proceeds of the Bonds. At the government wide level the debit would be to cash with credits to both Bonds Payable and Premium on Bonds Payable b. At the fund level the cash would be reported on the balance sheet and the accounts Proceeds of Bonds and premium on Bonds would be reported on the statement of Revenues, Expenditures, and changes in fund balance as other
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chapter 6 - Chapter 6 Questions 1,2,3,8 Problems 2,3,8,9...

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