The Liability for General Obligation Bonds Should Be Recorded in The

question 73

Multiple Choice

The liability for general obligation bonds should be recorded in the:

• A) General Fund.
• B) Capital projects fund.
• C) Governmental activities journal.
• D) Debt service fund.

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Definitions:

FIFO Perpetual

An accounting method where goods are sold based on the order they were purchased or produced; "FIFO" stands for "first in, first out," and "perpetual" means the inventory records are updated continuously.