State & Local Govt - Long-term Liabilities and Debt Service

Which of the following basic financial statements contains a column for the total of all debt service funds?

Which of the following financial statements are required for a Debt Service Fund?

General obligation bonds issued for the benefit of enterprise funds, with the intent of paying bond principal and interest from revenues of the enterprise fund, should be reported as a liability in the balance sheet of the

Which of the following resource inflows would be recorded as a revenue of a debt service fund?

Interest expenditures on bonds payable should be recorded in a debt service fund

The liability for general obligation bonds should be recorded in the

The city of New Haven issued $20 million of tax-supported bonds at 102 to finance a new prison. Upon issuance, how will the premium be recorded?

Which of the following statements is not true for debt service funds?

Which of the following debt service funds would normally have the largest balance in its Fund Balance account?

Which of the following is a true statement regarding in-substance defeasance of bonds?

Which of the following liabilities is properly reported in the Governmental Activities column of the government-wide statement of net position?

Jasper City issued $10,000,000 of bonds for a new water pumping station. Payment of principal and interest on these bonds will be made by the Water Utility Fund, an enterprise fund, from additional fees to be charged for water usage. Based on this information, which of the following is a correct statement about the liability for these bonds?

Which of the following is not a general long-term liability disclosure requirement?

Property owners in the City of Charleston pay property taxes that are earmarked, in part, to provide debt service for the outstanding debt of the city. Property owners in the city also provide debt service support for a share of the outstanding debt of Charles County and the Charleston Public School District, proportionate to the ratio of the assessed valuation of property located within the city to that of all taxable property in the county and the school district. The sum of the city's outstanding debt plus a proportionate share of the county and school district's debt is referred to as:

The difference between the amount of the legal debt limit and the net amount of outstanding indebtedness subject to the limit is called the:

A debt service fund is a:

Which of the following resource inflows would properly be classified as revenue of a debt service fund?

Immediately after making its annual $30,000 lease payment on June 30, 2013, the last day of its fiscal year, a certain city had an unpaid capital lease obligation of $155,000. The interest rate applicable to the lease is 8 percent. When the $30,000 lease payment due on June 30, 2014, is made, the journal entry for the governmental activities accounts will include:

Which of the following budgetary accounts is least likely to be included in the general ledger of a debt service fund?

GASB standards recommend the use of:

On June 1, 2013, the City of Columbus issued $5,000,000 of 5 percent tax-supported bonds. The bonds mature in 10 years and pay interest semiannually on June 1 and December 1, beginning on December 1, 2013. For the fiscal year ending December 31, 2013, the amount of interest expenditures to be recognized in the debt service fund is:

Culver City issued $1,000,000 of special assessment bonds. The city has warranted to bondholders that it will make interest and principal payments should taxpayers in the special assessment district default on the debt. To make debt service payments on this debt, the City will require taxpayers in the special assessment district to pay $100,000 per year for 10 years, plus 5 percent interest on unpaid installments. The first installment of $100,000 and related interest payment of $50,000 is due on December 31, 2013, the end of the fiscal year. The entry to record the receipts of the first installment and related interest on December 31, 2013, will include a:

Which of the following debt service fund accounts would not be closed at the end of each fiscal year?

The City of Centralia issued $2,500,000 of Series B Refunding Bonds which, along with $700,000 of cash accumulated in a sinking fund, was used to redeem $3,200,000 of term bonds that had been outstanding for several years. To account for redemption of the term bonds will require a:

Over the past 10 years, Fairfield Township has accumulated $1,500,000 in a sinking fund pursuant to the covenants on a term bond issue. According to GASB standards, long-term sinking fund investments must be reported at:

Which of the following financial statements would contain a column for a debt service fund that was determined to be a major fund?

A serial bond issue in which no principal is repaid for several years, but thereafter an equal amount of principal is repaid each year is called a (an):

An arrangement in which a city deposits cash or other assets in an irrevocable trust with an escrow agent to be used solely for satisfying future scheduled payments of both interest and principal of outstanding debt is known as a (an):