General long-term debt of a governmental entity includes

Question

Quizplus · Accepted Answer

General long-term debt of a governmental entity includes all future financial obligations that are backed by the government's general credit and revenue raising power and that result from past transactions for which the government has already received a benefit. This means that the debt is not limited to all future financial obligations, but rather those that are already backed by the government's general credit and revenue raising power, and those that have resulted from past transactions where the government has already received a benefit. Option A is too general and not specific to long-term debt. Option B is incorrect as it includes all future financial obligations, not just those related to past transactions. Option C is also incorrect as it only includes future financial obligations related to past transactions where the government has already received a benefit, but does not consider the government's general credit and revenue raising power.

General Long-Term Debt of a Governmental Entity Includes