As a general rule, debt service expenditures in a Debt Service Fund are recognized a. when the
Question:
As a general rule, debt service expenditures in a Debt Service Fund are recognized
a. when the debt service payment is due.
b. when resources to be used for the repayment are made available to a Debt Service Fund.
c. when due for principal repayments but on an accrual basis for interest.
d. in accordance with the requirements of the original bond order that specifies the basis of expenditure recognition.
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The correct answer is b when resources to be used for the repayment are made ava...View the full answer
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Related Book For 
Governmental And Nonprofit Accounting
ISBN: 9781292040080
10th International Edition
Authors: Robert J. Freeman, Craig D. Shoulders, Gregory S. Allison, G. Robert Smith
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