Question

All the long-term debt of a government, including the long-term debt that will be financed by Enterprise Fund revenues, is reported in the fund-level financial statements.

a. True
b. False

Answer 1

Answer: False

Step-by-step explanation:

False.

Long term debt is a debt owed by an economic entity which could either be the inividual, a business or the government and such debts are expected to mature in a period of at least one year.

It should be noted that the long term debt isn't reported in fund level financial statement but rather it's reported in government wide statements.