Which of the following statements is not true for debt service funds? Multiple Choice Interest payable may be reported as a liability of the debt service fund. Special assessment debt for which the government has some obligation is paid through the debt service fund. All tax-supported bond principal is shown as a liability of the debt service fund. Bond principal can be shown as a liability when financial resources dedicated for payment of the principal have been transferred to the debt service fund and payment of principal is due early in the following year.
Which of the following statements is not true for debt service funds? Multiple Choice Interest payable may be reported as a liability of the debt service fund. Special assessment debt for which the government has some obligation is paid through the debt service fund. All tax-supported bond principal is shown as a liability of the debt service fund. Bond principal can be shown as a liability when financial resources dedicated for payment of the principal have been transferred to the debt service fund and payment of principal is due early in the following year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements is not true for debt service funds?
Multiple Choice
Interest payable may be reported as a liability of the debt service fund.
Special assessment debt for which the government has some obligation is paid through the debt service fund.
All tax-supported bond principal is shown as a liability of the debt service fund.
Bond principal can be shown as a liability when financial resources dedicated for payment of the principal have been transferred to the debt service fund and payment of principal is due early in the following year.
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