The public debt is the sum of all previous: Budget surpluses minus the current budget deficit of the Federal government Budget deficits minus any budget surpluses of the Federal government Expenditures of the Federal government Budget deficits of the Federal government
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The public debt is the sum of all previous:
-
Budget surpluses minus the current budget deficit of the Federal government
-
Budget deficits minus any budget surpluses of the Federal government
-
Expenditures of the Federal government
-
Budget deficits of the Federal government
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Solved in 2 steps
- An expenditure for general obligation long-term debt is always recorded at year-end in the governmental funds fora. accrued interest and accrued principal.b. accrued principal but not accrued interest.c. accrued interest but not accrued principal.d. neither accrued interest nor accrued principal.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.What would be the appropriate account title for funds collected by a sales tax custodial fund? A. Sales tax revenue B. Other financing sources C. Additions-tax collections for other governments D. Sales taxes receivable
- Which is used by the government to determine eligibility for the Federal GST/HST credit payment? A Total income В Net income Taxable income Net federal tax payableHow is the issuance of a long-term bond reported on fund financial statements? How is the issuance of a long-term bond reported on government-wide financial statements?Encumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.
- Which of the following is a promise by the Government to pay a stated sum after expiry of the stated period from the date of issue? a. Commercial Papers b. Bankers’ Acceptance c. Treasury Bills d. Bills of ExchangeThe FHA implements its programs with which of the following procedures? Providing government bonds as collateral for loans Issuing an insured commitment covering the loan Funding a portion of each loan at closing Guaranteeing a portion of each loanRevenues 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.