Author Question: All of the following statements regarding a Debt Service Fund are true except a. A Debt Service ... (Read 54 times)

codyclark · **on:** Jul 6, 2018

All of the following statements regarding a Debt Service Fund are true except

a. A Debt Service Fund is rarely used to account for all of a governmental entity's general obligation bond repayments.
b. Debt service on capital lease obligations is generally not accounted for in a Debt Service Fund.
c. A government may have several Debt Service Funds, or it may use one Debt Service Fund to account for multiple general government debt issuances.
d. All of the above statements are true.
e. Both items b and c are false.

Question 2

If the Income Summary account has a debit of 60,000 and a credit of 65,000 after adjusting entries have been journalized and posted, 65,000 represents the ending inventory.
a. True
b. False
Indicate whether the statement is true or false