Long-term debt paid from proprietary funds is reported as a liability in
A) the proprietary fund Statement of Net Assets.
B) the government-wide Statement of Net Assets.
C) both A and B.
D) neither A nor B.

Question

Quizplus · Accepted Answer

Long-term debt is reported as a liability both in the proprietary fund statement of net assets and in the government-wide statement of net assets as proprietary funds are considered part of the overall government's financial statements.

Long-Term Debt Paid from Proprietary Funds Is Reported as a Liability