Trapper City issued 30-year bonds for the purpose of building a new City Hall.The proceeds of the bonds are deposited in the General Fund.For the governmental fund financial statements, in what fund will Bonds Payable appear?

Question

Quizplus · Accepted Answer

Governmental fund financial statements do not report long-term liabilities like Bonds Payable; they are reported in the government-wide financial statements.

Trapper City Issued 30-Year Bonds for the Purpose of Building