A City issued bonds for the purpose of financing a major capital improvement.Which fund is the most appropriate fund in which to record the receipt of the bond proceeds?

Question

Quizplus · Accepted Answer

The most appropriate fund to record the receipt of the bond proceeds is the Capital Project Fund, as the bond proceeds are being used to finance a major capital improvement project. The Capital Project Fund is used to account for financial resources that are restricted, committed, or assigned to capital outlay projects.

A City Issued Bonds for the Purpose of Financing a Major