Question

Which of the following is an item or area 'not' adjusted when moving from fund financial...

Which of the following is an item or area 'not' adjusted when moving from fund financial statements to government-wide financial statements?



Long-term debt.


General fund net assets.

Internal service fund.

Capital assets.

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Answer #1

Answer: Option i) Long-term debt.

Explanation:

The debt which is more than one year is considered as a long-term debt.

For an issuer the long-term debts are recorded in the liability side of the balance sheet.

The short-term debts are considered which is less than one year those are different of long term debts.

The debts maturity was more than one year in long-term debt.

If any item adjusted when moving from fund financial statements to government-wide financial statements the long-term debt is not changed.

Thus, option i) is correct and remaining options are incorrect.

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