Question
Which of the following statement is correct concerning debt service funds? A. Debt service funds are used to accumulate resources to service all long-term debt
Which of the following statement is correct concerning debt service funds?
A. Debt service funds are used to accumulate resources to service all long-term debt of a primary government.
B. The primary resources in a debt service fund come from transfers from other funds.
C. The outstanding principal due on general long-term debt will be reported as a long-term liability on the fund balance sheet of a debt service fund.
D. Only the matured interest and principal will be reported in the fund balance sheet of a debt service fund.
E. Both A and D are correct
F. Both B and D are correct.
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