For Fund-Based Financial Statements, What Account Is Credited When a Piece

question 25

Multiple Choice

For fund-based financial statements, what account is credited when a piece of equipment is leased on a capital lease?

• A) Equipment - Capital Lease.
• B) Encumbrances - Long Term.
• C) Encumbrances - Lease Obligations.
• D) Capital Lease Obligation.
• E) Other Financing Sources - Capital Lease.

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