In Accounting for Governmental Funds,which of the Following Items Could

question 35

Multiple Choice

In accounting for governmental funds,which of the following items could appear only on governmentwide financial statements?
I.Fixed assets
II.Long-term debt
III.Investments

• A)I only
• B)I and II
• C)I and III
• D)I,II,III

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Definitions:

Bonds

A fixed income instrument that represents a loan made by an investor to a borrower, typically corporate or governmental.

Interest

The charge for the privilege of borrowing money, typically expressed as an annual percentage of the principal.

Mortgage Note Payable

A mortgage note payable is a legal agreement where the borrower promises to repay a debt used to purchase real estate, secured by the property itself.

Construction

Construction refers to the process of building, assembling, or creating infrastructure, buildings, or other substantial physical structures, involving planning, design, and execution phases.