Long-Term Liabilities of an Enterprise Fund Should Be Reported in The

question 24

Multiple Choice

Long-term liabilities of an enterprise fund should be reported in the: $\begin{array} { | l | c | c | } \hline & \text { Proprietary Fund } & \text { Government-Wide } \\&\text { Statements }&\text { Statements }\\\hline \text { A) } & \text { No } & \text { No} \\\hline \text { B) } & \text { No } &\text { Yes } \\\hline \text { C) } & \text { Yes } & \text { Yes } \\\hline \text { D) } & \text { Yes } & \text { No } \\\hline\end{array}$

• A) Choice A
• B) Choice B
• C) Choice C
• D) Choice D

Recognize the consequences of copyright infringement and other legal issues in technology.

Understand the key issuers of debt and their impact on the economy.

Identify and describe the recommended financial statements for government presentation as per the PSAB.

Differentiate between financial and non-financial assets in government accounting.

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Definitions:

Section 1250 Property

Real property, typically buildings or structures, subject to a depreciation recapture tax if sold at a gain.

25% Bracket

A reference to a tax bracket where individuals or entities are taxed at a rate of 25% on their income within a certain range.

Trade or Business

Trade or Business is an activity carried on for the purpose of earning profit by providing goods or services, and is characterized by regularity and continuity.

Section 1231 Asset

A tax term referring to depreciable property or real estate used in a trade or business that, if sold, can result in favorable capital gains treatment.