Question

Special assessment debt maturing in 5 years to be repaid from general resources of the government should be reported in:

a. Statement of Cash Flows
b. Notes to Financial Statements
c. Government-Wide Financial Statements
d. Fund Financial Statements

Answer 1

Special assessment debt maturing in 5 years to be repaid from general government resources should be reported in government-wide financial statements.

Step-by-step explanation:

The student's question relates to how a special assessment debt maturing in 5 years that is to be repaid from the general resources of a government should be reported in financial statements. Special assessment debt that is expected to be repaid from general governmental resources should be reported in government-wide financial statements (c). This is because government-wide financial statements provide the long-term financial status of the governmental activities of the entity as a whole, encompassing all assets and liabilities, including long-term debt.