1. In order for the General Long-Term Debt Account Group to be self-balancing it is necessary to create accounts which have debit balances, even though no assets are assigned to the group . a. True b. False

2. Debt balance accounts which offset general long-term debt accounts are two categories: (1) amounts accumulated in debt service funds for repayment of general long-term debt, and (2) amounts to be provided in future years for payment of interest on long-term debt. a. True b. False

3. If general fixed assets are acquired or constructed from proceeds of special assessment debt, a single account group may be used to account for and report both the fixed assets and the related debt. a. True b. False

4. If special assessment bonds are issued at a premium the amount of the premium must always be recorded in the General Long-Term Debt Account Group. a. True b. False

5. The Amount to be Provided for Retirement of General Long-Term Debt is an account which should be reported in the Liability section of the Statement of General Long-Term Debt a. True b. False