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.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 12DQ

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