General obligation bonds issued for the benefit of enterprise funds,with the intent of paying bond principal and interest from revenues of the enterprise fund,should be reported as a liability in the balance sheet of the
A) Enterprise fund.
B) Governmental activities.
C) Both the enterprise fund and the governmental activities accounts.
D) Enterprise fund and a note to the financial statements explaining the contingent liability of the general government if enterprise funds are insufficient to pay principal and interest.
Correct Answer:
Verified
Q1: Debt service funds for term bonds would
Q9: Issuance of tax-supported debt having a maturity
Q22: Which of the following would result in
Q23: Term bond debt service funds should always
Q24: The issuance of general long-term bonds requires
Q27: Expenditures for capital lease payments consist of
Q32: Which of the following resource inflows would
Q34: Which of the following is not properly
Q36: Which of the following statements is always
Q49: Interest expenditures on bonds payable should be
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents