Author Question: A Debt Service Fund received a 100,000 payment from the General Fund to finance upcoming debt ... (Read 147 times)

Engineer · **on:** Jul 5, 2018

A Debt Service Fund received a 100,000 payment from the General Fund to finance upcoming debt service payments. During the year, Debt Service Fund payments of 50,000 interest and 60,000 principal were made as they become due.

The Debt Service Fund statement of revenues, expenditures, and changes in fund balance should report
A. An excess of revenues over expenditures of 50,000.
B. An excess of expenditures over revenues of 10,000.
C. An excess of expenditures over revenues of 50,000.
D. An excess of expenditures over revenues of 110,000.

Question 2

The income statement provides information about events over a period of a month, year, or other period of time.
a. True
b. False
Indicate whether the statement is true or false