2. 3. On July 1, 20X1, Arundel County issued 5 year long-term bond of $5 million and incurred the issue costs of $300,000. Arundel County has established a debt service fund for the payment of interest and principal of its long-term bonds. What amount of bond payable net of issue cost should be reported on the governmental funds' balance sheet at December 31, 20X1? O O $0 O O $4,700,000 $4,730,000 $4,760,000 In which of the following fund types of a local government are revenues and expenditures recognized on the same basis of accounting as the general fund? Private purpose trust fund Enterprise fund Agency fund Capital project fund

2. 3. On July 1, 20X1, Arundel County issued 5 year long-term bond of $5 million and incurred the issue costs of $300,000. Arundel County has established a debt service fund for the payment of interest and principal of its long-term bonds. What amount of bond payable net of issue cost should be reported on the governmental funds' balance sheet at December 31, 20X1? O O $0 O O $4,700,000 $4,730,000 $4,760,000 In which of the following fund types of a local government are revenues and expenditures recognized on the same basis of accounting as the general fund? Private purpose trust fund Enterprise fund Agency fund Capital project fund

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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