Which of the following would not be an adjustment for long-term debt when preparing government-wide financial statements?

Question

Quizplus · Accepted Answer

Recording the cash received from a debt issue is not an adjustment for long-term debt when preparing government-wide financial statements as it is simply a cash transaction that does not impact the recognition or measurement of the long-term debt on the financial statements. Adjustments for long-term debt include changing Other Financing Sources - Proceeds of Bonds to Bonds Payable, changing Expenditures - Bonds Principle to Bonds Payable, and amortizing bond premiums.

Which of the Following Would Not Be an Adjustment for Long-Term