Interest on long-term debt in governmental funds


Governments are not required to accrue interest on long-term debt in governmental funds, even if the interest is applicable to a current period and will be due the first day of the following year. Explain and justify the standards that permits this practice.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Interest on long-term debt in governmental funds
Reference No:- TGS050438

Expected delivery within 24 Hours