Author Question: Which of the following statements regarding external financial reporting for a Debt Service Fund is ... (Read 85 times)

Caiter2013 · **on:** Jul 6, 2018

Which of the following statements regarding external financial reporting for a Debt Service Fund is false?

a. A balance sheet is required.
b. A statement of cash flows is required.
c. A budget-to-actual statement is not required.
d. A statement of revenues, expenditures, and changes in fund balance is required.
e. A budget-to-actual statement may be prepared for internal use.

Question 2

The Sales Discounts account is shown with the Other Expenses on the income statement.
Indicate whether the statement is true or false