Obligations of property owners within a particular government for their proportionate share of debts of other governments with whom their government shares boundaries are called O overlapping debt. conduit debt. committed debt.
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- Revenue bonds are supported by the local government’s revenue stream from taxes. True FalseWhat are the reasons for statutory debt limits and explain the terms debt margin and overlapping debt? What are the purpose and types of debt service funds? What are the journal entries utilized to account for activities of debt service funds?Revenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.
- What is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?Define agency debtWhich of the following is needed for a fiduciary relationship to exist? Multiple Choice The assets are controlled by outside entities. The assets are derived from the reporting entity’s own revenues, which are used to benefit others. The assets are for the benefit of individuals and/or entities that are not part of the reporting entity. The assets are derived from a pass-through grant for which the reporting entity has administrative responsibility.
- Why might the general obligation bonds of a state yield a return different from revenue bonds issued by the same state?which concerns with revenue and disbursement of government such as central government , state government O finance private public finance O financeWhich of the following funds does not get consolidated into the Governmental Activities section of the Statement of Net Position? A. Permanent B. Debt Service C. Internal Service D. Investment Trust