Special assessment debt that carries governmental backing should be reported as "special assessment debt with governmental commitment."
Question 72 options:
True | |
False |
TRUE |
Special assessment debt that carries governmental backing should be reported as "special assessment debt with governmental commitment" in the government-wide statement of net position. |
Special assessment debt that are direct responsibility of a government should be reported like other general long-term liabilities. |
Special assessment debt that carries governmental backing should be reported as "special assessment debt with governmental...
Which of the following statements is true? A - Debt margin is reported in the governmental activities column of the government-wide statements. B - Debt limit represents the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time. C - Overlapping debt is a calculation of the difference between the amount of debt limit calculated as prescribed by law and the net amount of outstanding indebtedness subject to limitation. D -All...
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.
In preparing a statement of cash flows, the issuance of debt should be reported separately from the retirement of debt. TRUE FALSE
1.) Which governmental fund must always be reported in a separate column in the governmental fund financial statements? Select one: a. Capital Projects Fund. b. Debt Service Fund. c. General Fund. d. Special Revenue Fund. 2.) Major fund reporting is required for which of the following fund types? Select one: a. Enterprise Funds. b. Internal Service Funds. c. Agency Funds. d. Private-Purpose Trust Funds.
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...
The governmental fund financial statements are useful in assessing operational accountability. Question 8 options: True False
Interest and principal on enterprise fund revenue bonds should be recorded in a debt service fund until paid. Question 84 options: True False
Under GAAP, both governmental and nongovernmental not-for-profit health care entities are required to identify operating and nonoperating activity on their operating statements. Question 77 options: True False
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...
True or false, managers should except special orders provided the special order price exceeds the product cost per unit under absorption costing. please explain why it is either true or false