Which of the following statements regarding debt service funds is true?

Question 66 options:

A)	A debt service fund is used only for debt service activities related to general long-term liabilities.

B)	GASB standards require a separate debt service fund to be established for each issuance of tax-supported or special assessment debt.

C)	Annual budgets must be prepared for debt service funds and reported in the statement of revenues, expenditures, and changes in fund balances-budget and actual.

D)	Given the size and relevance of general long-term liabilities, debt service funds are always reported as major funds.