Question: When would bond interest or principal due soon in the
When would bond interest or principal due soon in the next year be accrued as expenditures and liabilities of a Debt Service Fund? When would they not be accrued?
Relevant QuestionsThe town of Sinking Creek has a semiannual debt service payment of $1,300,000 (including $1,000,000 interest) due on January 3, 20X5. The finance director transferred $1,500,000 from the General Fund to the Debt Service Fund ...What criteria must be met for a government to have the option of accruing unmatured interest on some of its general obligation bonds?Record the following simple transactions in the Debt Service Fund of Ledford County.1. The county issued $50,000,000 of refunding bonds at par to provide most of the financing to refund $60,000,000 of outstanding bonds.2. ...The Leslie Independent School District (LISD) services all of its long-term debt through a single Debt Service Fund. The LISD DSF balance sheet at December 31, 20X4, appeared as follows:The district’s bond indenture ...Explain the modified approach to infrastructure accounting.
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