Question: Select the key term that relates to accounting for general long - term liabilities and debt service from the list that best matches with each

Select the key term that relates to accounting for general long

-

term liabilities and debt service from the list that best matches with each of the following definitions.

Legal defeasance

Regular serial bonds

-

substance defeasance

Irregular serial bonds

Debt limit

Annuity serial bonds

Debt margin

_____1 .

A transaction in which cash or other assets are placed into an irrevocable trust for the benefit of debt holders.

_____2 .

Bonds for which the amount of annual principal repayments is scheduled to increase each year by approximately the same amount that interest payments decrease.

_____3 .

Bonds payable in which the total principal is repayable in a specified number of equal annual installments.

_____4 .

The maximum amount of gross or net debt that is legally permitted.

_____5 .

A transaction in which debt is legally satisfied based on certain provisions in the debt instrument even though the debt has not been repaid.

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