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 Fund-Based Financial Statements, in what fund will Bonds Payable appear?

Question

Quizplus · Accepted Answer

In Fund-Based Financial Statements, long-term liabilities like Bonds Payable do not appear. They are reported in the government-wide financial statements.

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