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MSB AC 330 XM2

MSB GovNFP Unit 8

QuestionAnswer
What is a liability that is related to the clean up of hazardous wastes or hazardous substances resulting from existing pollution? Pollution Remediation Obligations
What types of funds or debt can affect the government's ability to issue additional Tax Supported Debt? Bonds and other debt of enterprise funds issued with covenants that give debt status.
Where are General Long Term Liabilities reported? In the Governmental Activities column of the government-wide statement of net assets.
What is the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time? Debt Limit
What is Debt Margin sometimes referred to as? Borrowing Power
When is Overlapping Debt a possibility? When two or more governments are involved together. These may include state, county, township, city, and various special purpose governments.
What are the three types of serial bonds? Regular Serial Bonds, Irregular Serial Bonds, and Deferred Serial Bonds
Under the current GASB standards what type of accounting and recording is required? Fair Value
What is it called when debt is legally satisfied based on certain provisions of the debt instrument, when the debt is not actually paid? Legal Defeasance
What is In-Substance Defeasance? Debt is considered settled for accounting and financial reporting purposes even though legal defeasance has not occured.
Created by: greta.desmarais