Multiple Choice
Which of the following statements regarding debt service funds is ?
A) Given the size and relevance of general long-term liabilities, debt service funds are always reported as major funds.
B) GASB standards require a separate debt service fund to be established for each issuance of tax-supported or special assessment debt.
C) A debt service fund is used only for debt service activities related to general long-term liabilities.
D) Annual budgets must be prepared for debt service funds and reported in the statement of revenues, expenditures, and changes in fund balances-budget and actual.
Correct Answer:
Verified
Correct Answer:
Verified
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