Describe the purpose of Debt Service Funds. When do GAAP require the use of a Debt Service

Question:

Describe the purpose of Debt Service Funds. When do require the use of a Debt Service Fund? Why might a government use a Debt Service Fund if it is not required to do so?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...