Which of the following statements regarding debt service funds is true?
A. Given the size and relevance of general long-term liabilities, debt service funds are always reported as major funds.
B. By law debt service funds are required to use encumbrance accounting.
C. GASB standards require a separate debt service fund to be established for each issuance of tax-supported or special assessment debt.
D. A debt service fund is used only for debt service activities related to general long-term liabilities.
Answer: D
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