When a governmental unit is primarily or secondarily liable for the debt,debt proceeds for special assessments levied for the construction phase of a capital improvement project should be reported in which of the following fund types?

Question

Quizplus · Accepted Answer

Debt proceeds for special assessments levied for the construction phase of a capital improvement project should be reported in the Capital Projects Fund type because it is related to the construction of a capital project. The General Fund is used for financing general government operations, Agency Funds are used for holding monies collected by the government in a custodial capacity, and Debt Service Funds are used to account for the service and repayment of debt.

When a Governmental Unit Is Primarily or Secondarily Liable for the Debt,debt