Which of the following liabilities normally would not be reported in governmental funds?
A)accrued salaries payable
B)bonds payable
C)vouchers payable
D)all of the above are commonly reported in governmental funds
E)none of the above are commonly reported in governmental funds

Question

Quizplus · Accepted Answer

Bonds payable are typically reported in the government-wide financial statements rather than the governmental funds financial statements. Governmental funds use the modified accrual basis of accounting, which focuses on short-term financial resources and liabilities, whereas bonds payable are long-term liabilities.

Which of the Following Liabilities Normally Would Not Be Reported