Question 6 (1 point)

Which of the following statements is always true concerning the reporting of debt service funds?

Question 6 options:

	Debt service funds are reported in a separate column in the governmental fund financial statements.
	Debt service funds are reported in a separate column in the government-wide financial statements.
	Debt service funds are reported in the Other Governmental Funds column in the governmental fund financial statements.
	Debt service funds are reported in the Governmental Activities column in the government-wide financial statements.

Question 7 (1 point)

Which of the following debt service fund accounts would not be closed at the end of each fiscal year?

Question 7 options:

	Estimated Revenues.
	Fund Balance.
	Revenues.
	ExpendituresBond Interest.

Question 8 (1 point)

The Town of Brewster issued the following during the year: (1) $600,000 in bonds for the installation of new street lights in the downtown corridor, and (2) $800,000 in bonds for construction of a public golf course to be self-supported from fees collected from golf course users. How much should be accounted for through debt service funds for payments of principal over the life of the bonds?

Question 8 options:

	$0.
	$600,000.
	$800,000.
	$1,400,000.

Question 9 (1 point)

The liability for general obligation bonds should be recorded in the:

Question 9 options:

	General Fund.
	Capital projects fund.
	Governmental activities journal.
	Debt service fund.

Question 10 (1 point)

When bonds are sold at a premium for a capital project, the premium amount generally:

Question 10 options:

	Increases the cash available to the capital projects fund.
	Is transferred to the debt service fund.
	Is applied against the principal balance by the fiduciary agent.
	Is recorded in a fiduciary fund since it does not belong to the capital projects fund.