How are general long-term liabilities distinguished from other long-term liabilities of the government? How does the financial reporting of general long-term liabilities differ from the financial reporting of other long-term liabilities?
What will be an ideal response?
General long-term liabilities are those that arise from activities of governmental funds and that are not reported as fund liabilities of a proprietary or fiduciary fund. General long-term liabilities are reported as liabilities in the Governmental Activities column of the government-wide statement of net position but are not reported as liabilities of governmental funds.
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