Special assessment bonds having governmental commitment are recorded as a liability of the GCA-GLTL g/l at the time of their issuance.

Question

Quizplus · Accepted Answer

Special assessment bonds with governmental commitment are recorded as a liability in the General Capital Assets- General Long-Term Liabilities (GCA-GLTL) general ledger at issuance because the government is responsible for the debt.

Special Assessment Bonds Having Governmental Commitment Are Recorded as a Liability