With respect to Debt Service Funds, which of the following is true?
A. Debt service funds use accrual accounting.
B. Payments under capital lease obligations may be reported in debt service funds.
C. Each separate long-term obligation must be accounted for in a separate debt service fund.
D. All of the choices are true.
Answer: B
You might also like to view...
Explain the principle of cognitive consistency
What will be an ideal response?
New system development activity controls must focus on the authorization, development, and implementation of new systems and its maintenance. Discuss at least five control activities that are found in an effective system development life cycle
Outbound logistics refers to moving ________
A) unwanted, excess products from resellers to producers B) raw materials from suppliers to the factory C) excess materials from the factory to suppliers D) products from the factory to resellers and ultimately to customers E) broken, damaged products from customers to producers
Jones Corporation provides services to a customer on June 17, but the customer does not pay for the services until August 12. According to the revenue recognition principle, Jones Corporation should record the revenue on August 12.
Answer the following statement true (T) or false (F)