Accumulation of money to be used to pay the interest on general obligation bonds is reported:

A.In a permanent fund

B.In a special revenue fund

C.In a debt service fund

D.In a capital projects fund

Which item below best describes the GAAP hierarchy in state and local government accounting, effective in 2015?

A.Only AICPAIndustry Audit and Accounting Guidesare considered authoritative.

B.GASBStatements, GASBTechnical Bulletins,Implementation Guides, and GASB-approved guidance from the AICPA are considered authoritative.

C.GASBStatementsand AICPAIndustry Audit and Accounting Guidesare considered authoritative.

D.Only GASBStatementsare considered authoritative.