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Question(s) / Instruction(s):

45. (True or false - financial reporting and other items)

State whether these statements are true or false. Discuss why the false statements are false. a. 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.

b. Long-term obligations resulting from the operating activities of a General Fund, such as accrued vacation leave, are reported in the fund-level financial statements. Long-term obligations resulting from the capital acquisition activities of a Capital Projects Fund, however, are not. c. For financial reporting purposes, operating transfers from one fund to another are generally reported in a separate section of the operating statements for each of the funds. d. For financial reporting, current assets and liabilities are separated from long-term assets and liabilities in the balance sheets of Enterprise Funds. e. All funds have both financial resources and capital resources. f. Because the General Fund is used to account for all activities not accounted for in some other fund, there is nothing to preclude the General Fund from financing a municipality's capital asset acquisitions and debt service activities.

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