Problem

A city issues a 60-day tax anticipation note to fund operations. What recording should it...

A city issues a 60-day tax anticipation note to fund operations. What recording should it make?

a. The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements.

b. A liability should be reported in the government-wide financial statements and in the fund financial statements.

c. An other financing source should be shown in the government-wide financial statements and in the fund financial statements.

d. An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.

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