Capital budgeting is often based on the issuance of capital debt. Capital debt (based on GASB 11) includes all of the following debt that are issued EXCEPT:
A) Finance the acquisition or construction of fixed assets reported on the balance sheet.
B) No Refund existing capital debt.
C) Finance capital grants to other governments.
D) Finance certain nonrecurring projects or activities that have a long-term economic benefit.
Correct Answer:
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