Which of the following would not be an adjustment for long-term debt when preparing government-wide financial statements?

Question

Quizplus · Accepted Answer

Recording the cash received from a debt issue is not an adjustment for long-term debt when preparing government-wide financial statements. This is because the cash received has already been recognized as a financing source in the government's fund-level accounting. The other options mentioned (A, B, and C) are all adjustments that are made to properly reflect long-term debt on the government-wide financial statements.

Which of the Following Would Not Be an Adjustment for Long-Term