Interest expense is accrued for general long-term debt in the government-wide financial statements.

Name: Interest expense is accrued for general long-term debt in the government-wide financial statements.
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Question

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Government-wide statements are prepared using the economic resource measurement focus and the accrual basis of accounting. Interest expense is recorded on this basis in the government-wide financial statements for both governmental and business-type activities.

Interest Expense Is Accrued for General Long-Term Debt in the Government-Wide