The proceeds of the bond issue should be recorded in which fund of the City of Arlington?

Question

Quizplus · Accepted Answer

The proceeds of the bond issue typically go to the Capital Projects Fund as it is used for financing the long-term construction or acquisition of capital assets such as buildings, equipment, and infrastructure. The other funds listed are not appropriate for recording the proceeds of the bond issue. The Agency Fund is used to account for assets held for others, the Special Assessment Fund is used for financing improvements that benefit specific properties, and the Debt Service Fund is used to account for the repayment of long-term debt.

The Proceeds of the Bond Issue Should Be Recorded in Which