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A6 Twatt - repayable in a specified number of equal annual...

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Chapter 6 Tiffany Watt Assignment: A6 March 9, 2011 AC 325 – E01   Questions 6-1. General long-term liabilities are those that arise from activities of governmental funds and that are not reported as fund liabilities of a proprietary or fiduciary fund. General long-term liabilities are reported as liabilities in the Governmental Activities column of the government-wide statement of net assets but are not reported as liabilities of governmental funds. 6-8. Regular serial bonds are bonds in which the total principal of the issue is
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Unformatted text preview: repayable in a specified number of equal annual installments over the life of the bond. Term bonds are bonds that mature in their entirety on a given date. Debt service fund accounting differs for the two types of bonds in that regular serial bonds do not require funds to be restricted. Exercises & Problems 6-2. Multiple Choice. 1. C 2. B 3. D 4. B 5. A 6. C 7. B 8. A 9. A 10. D...
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