Question

On March 2, Year 1, Finch City issued 10-year general obligation bonds at face amount, with interest payable March 1 and September 1. The proceeds were to be used to finance the construction of a civic center over the period April 1, Year 1, to March 31, Year 2. During the fiscal year ended June 30, Year 1, no resources had been provided to the debt service fund for the payment of principal and interest. On June 30, Year 1, Finch's financial statements should report the construction in progress for the civic center in the:

Answer 1

Capital projects fund - NO (activities are closed out at yr end)

Government wide FS - YES

Step-by-step explanation:

Capital Infrastructure Fund includes a fund used to pay for financing services for the acquisition or construction of major capital structures rather than those funded by the profits of proprietary style operation responsible through corporate or state funds.

The announcements around the government consolidate business operations in one location to include aggregate statistics on economic wealth. The declarations in the government arrange information on how it contributes to legislative or corporate practices.