Sales Tax Payable is recorded on the books of the purchaser.
a. True
b. False
Indicate whether the statement is true or false
Question 2
A governmental entity issued bond anticipation notes during the year for a major capital project. The bond anticipation notes were refinanced with long-term general obligation bonds before the end of the fiscal year.
In the Capital Projects Fund year-end financial statements the governmental entity should report
a. other financing sources.
b. a fund liability.
c. revenues.
d. other financing uses.
e. None of the above.
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