Calhoun County has a principal and interest payment due in the following fiscal year. However, the county has raised the cash necessary to make the payment in the current fiscal year.
Assuming all other requirements have been met, at what point must the principal and interest payment come due in the next year to recognize the expenditure in the current fiscal year?
A. The principal and interest payment must be due before the end of the next fiscal year.
B. The principal and interest payment must come due not later than the mid-point of the next fiscal year.
C. The principal and interest payment must come due no later than the end of the first quarter in the next fiscal year.
D. The principal and interest payment must come due not later than one month into the next fiscal year.
Question 2
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