The Liability for General Obligation Long-Term Debt Is Reported in The

question 3

Multiple Choice

The liability for general obligation long-term debt is reported in the:

• A) Debt Service Fund.
• B) Capital Projects Fund.
• C) Enterprise Fund.
• D) none of these.

---

Definitions:

Straight-Line

A method of calculating depreciation of an asset where the asset's cost is evenly spread over its useful life.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting the decrease in value over time.

Securities and Exchange Act

A U.S. law enacted in 1934 to regulate the securities industry and mandate disclosure of important financial information for publicly traded companies.

Publicly Traded Firms

Companies whose shares are available for purchase by the general public on stock exchanges.