When the Proceeds of General Long-Term Debt Are Received by a Governmental

question 34

True/False

When the proceeds of general long-term debt are received by a governmental fund, rather than reporting a liability on the balance sheet, the inflow of resources is treated as an other financing source on the operating statement.

---

Definitions:

Labor Union

Group of workers who have banded together to achieve common goals in the areas of wages, hours, and working conditions.

Effective Tools

Instruments or methodologies that have been proven to efficiently accomplish a task or achieve a specific outcome.

Union Contract

A legally binding agreement between a union representing employees and their employer, outlining wages, working conditions, and other employment terms.

Grievance

Formal complaint filed by an employee or a union that management is violating some provision of a union contract.