Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...

Question

Question

Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...

Debt service expenditures for interest are:

Multiple Choice

Accrued.
Recorded when due but may be accrued at year end if the debt service due date is less than 60 days after year.
Recorded when due but may be accrued at year end if the debt service due date is less than 30 days after year end.
Reported only in the government-wide statements.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Option C is the answer

Debt service expenditures for interest are recorded when due but may be accrued at year end if the debt service due date is less than 30 days after year end

Add a comment

Answer 2

Similar Homework Help Questions

Which of the following statements is false? Multiple Choice Ο Premiums generated from the issuance of...

Which of the following statements is false? Multiple Choice Ο Premiums generated from the issuance of bonds for a capital projects fund are generally transferred to the Debt Service Fund. Ο taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are recognized as revenues of the Debt Service Fund. Ο O An encumbrance in a capital project fund is created when the contract for the work is signed or issued. Ο Unmatured principal installments...
Debt service payments by the government: Multiple Choice are used to purchase goods and services. are...

Debt service payments by the government: Multiple Choice are used to purchase goods and services. are a payment for past expenditures. have fallen continuously since World War II do not burden the generations that must make them.
Which of the following is correct with respect to Debt Service Funds? Multiple Choice Debt service...

Which of the following is correct with respect to Debt Service Funds? Multiple Choice Debt service funds account for and report finencial resources that are restricted, committed or assigned to expenditure for principle and interest for al governmental long-term debt Debt service funds must acerue interest on long term debt at yeer end. Debt service funds account for end repon finencial resources that are restricted, commimed or assigned to expenditure for principle and interest for governmental debts except debt of...

P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service...

P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service fund. As stated in the previous problem, a government issued $8.5 million of special assessment bonds to finance a sewer‐extension project. To service the debt, it assessed property owners $8.5 million. Their obligations are payable over a period of five years, with annual installments due on March 31 of each year. Interest at an annual rate of 8 percent is to be paid on...
Which of the following is accurate regarding a federal agency’s Statement of Net Costs? Multiple Choice...

Which of the following is accurate regarding a federal agency’s Statement of Net Costs? Multiple Choice Costs are reported within the broad categories of current, capital, and debt service. Both the statements "Costs are reported within the broad categories of current, capital, and debt service" and "It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services" are accurate. Neither the statement "Costs...
5. Where should a government report special assessment collections to retire debt when the government is...

5. Where should a government report special assessment collections to retire debt when the government is not liable for the debt? Multiple Choice Government-wide statements (not in a fund). Debt service fund. Capital projects fund. Custodial fund.

A December 2017 year-end government should record which of the following as expenditures: Multiple Choice Salaries...

A December 2017 year-end government should record which of the following as expenditures: Multiple Choice Salaries Payable due January 20, 2017; and Bond Payable that matures January 30, 2017. Bond Payable that matures January 30, 2017. Bond Payable that matures February 14, 2017. Salaries Payable due January 20, 2017.
Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is...

Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is past due for up to 180 days, and $91,000 is past due for more than 180 days. Under the aging of receivables method, Crimson Inc. expects it will not collect 5% of the amount not yet due, 18% of the amount past due for up to 180 days, and 22% of the amount past due for more than 180 days. The allowance account had...
Prepare these reversing entries on May 1, 2017 1- Service revenue of $620 was earned but not recorded or collected. 2- Interest of $555 on a note payable had accrued. 3- Property taxes for the calenda...

Prepare these reversing entries on May 1, 2017 1- Service revenue of $620 was earned but not recorded or collected. 2- Interest of $555 on a note payable had accrued. 3- Property taxes for the calendar year are payable every year on June 30. The company estimated property taxes for 2017 to be $3,996. I want the reversing entries for those and are they debt or credit. Thank you!

When IRP does not hold: Multiple Choice it may be the result of government-imposed capital controls....

When IRP does not hold: Multiple Choice it may be the result of government-imposed capital controls. All of the options. arbitrageurs should bring exchange rates and interest rates back into line. the reason may be the imposition of cross-border arbitrage restrictions. the explanation may be due to transactions costs.

Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...

Homework Answers

Add Answer to:
Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...

Post as a guest

Earn Coins

Which of the following statements is false? Multiple Choice Ο Premiums generated from the issuance of...

Debt service payments by the government: Multiple Choice are used to purchase goods and services. are...

Which of the following is correct with respect to Debt Service Funds? Multiple Choice Debt service...

P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service...

Which of the following is accurate regarding a federal agency’s Statement of Net Costs? Multiple Choice...

5. Where should a government report special assessment collections to retire debt when the government is...

A December 2017 year-end government should record which of the following as expenditures: Multiple Choice Salaries...

Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is...

Prepare these reversing entries on May 1, 2017 1- Service revenue of $620 was earned but not recorded or collected. 2- Interest of $555 on a note payable had accrued. 3- Property taxes for the calenda...

When IRP does not hold: Multiple Choice it may be the result of government-imposed capital controls....

Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...

Homework Answers

Add Answer to: Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...

Post as a guest

Earn Coins

Add Answer to:
Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...