[calicpa]

why is the 14M amount included? isnt it current

A government has the following debt:

Capital lease liabilities that mature in more than one year (General Fund department leases)-$2,000,000.

Underfunded pension contributions (long-term) associated with general government employees-$4,000,000.

General government bonds that mature in the next fiscal year-$14,000,000.

What amount of debt should be reported in the General Long-Term Liabilities accounts?

A. $2,000,000

B. $6,000,000

C. $18,000,000

D. $20,000,000

Correct!

All of the items listed are Unmatured Long-Term Liabilities of the general government that will not be recorded in any of the Governmental Funds but will be recorded in the General Long-Term Liability accounts and will appear as liabilities in the Government-Wide Statement of Net Assets.

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