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Document Preview: Long Term Liabilities and Noncollectable Accounts Submit your responses to the following questions in a 1-2 page summary MSWord document. Label each question clearly. For computations done in an Excel spreadsheet, please copy and paste your work into your MSWord document. For written answers, please make sure your responses are well written, use APA Formatting and have the proper citation, if needed.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?2.     How does GASB reporting of uncollectible accounts for XXXXXXXXXXgovernmental funds and proprietary funds differ from the reporting of uncollectible accounts under FASB standards?

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 1. 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? 
 General Long terms Liabilities are those liabilities which are incurred for a longer 
period of time and which arise due to activities that are financed by general or 
government fund. These liabilities do not arise due to the proprietary funds or 
fiduciary funds. These liabilities arise when government uses funds for project to 
assist their activities. Also, general liability is used to finance capital fund which 
will help in the government activities. These liabilities also help in incurring the 
expenses that will assist the government in carrying out their projects. Thus, 
General long term liabilities will be shown in the statement of Net Assets .On the 
other hand, liabilities that are incurred to finance specific capital assets needed for 
specific projects are known as Funded Long term Liabilities. Long term Debts 
funds are recorded in the individual category as a single group instead of being 
merged with single category of fund that is general Fund.

See attached Document Preview: Long Term Liabilities and Noncollectable Accounts Submit your responses to the following questions in a 1-2 page summary MSWord document. Label each question clearly....

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