General long-term debt,to be paid out of resources of the government's taxing power,is not reflected in the governmental fund Balance Sheet but is reflected in the government-wide Statement of Net Assets.

Question

Quizplus · Accepted Answer

General long-term debt is reflected in the government-wide Statement of Net Assets because it represents a long-term financial obligation of the government and will be paid out of its resources of taxing power over time. However, it is not reflected in the governmental fund balance sheet because it does not impact the current financial resources of the government.

General Long-Term Debt,to Be Paid Out of Resources of the Government's