Which of the following statements is true regarding bond anticipation notes? Multiple Choice Bond anticipation notes can be reported as short-term liabilities in the governmental fund financial...

Extracted text: Which of the following statements is true regarding bond anticipation notes? Multiple Choice Bond anticipation notes can be reported as short-term liabilities in the governmental fund financial statements. Bond anticipation notes must be reported as long-term liabilities in the government-wide financial statements. Bond anticipation notes can be classified as either short-term liabilities or long-term liabilities in both the governmental fund and government-wide financial statements depending upon specifications and intent. Bond anticipation notes are reported in the governmental fund financial statements as short-term liabilities and in the government-wide financial statements as long-term liabilities.