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MSB WTR10 AC 330 XM1

MSB GovNFP Unit 8

QuestionAnswer
Liabilities that arise from activities of governmental funds and that are not reported as fund liabilities of a proprietary of fiduciary fund. General long-term liabilities
Obligations that arise from responsibilities related to the cleanup of hazardous wastes or hazardous substances resulting from existing pollution. Pollution remediation obligations
The difference between the amount of debt limit calculated as prescribed by law and the net amount of outstanding indebtedness subject to limitation. Debt margin or borrowing power
The total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time. Debt limit
Revenues from taxes that are restricted for debt service purposes are usually recorded here. Debt service fund
True or False: the number of sources of revenues and other financing sources is relatively large in a typical debt service fund. False - relatively small
What are the two accounts used in the Serial Bond Debt Service Fund for the entry of sales tax revenues collected in cash Cash and Revenues
What's the main difference Term Bond issues and Serial Bond issues? Term bonds mature in their entirety on a given date, and serial bonds mature in installments.
True or False: Debt service activities are reported as part of governmental activities at the government-wide level. True
True or False: All changes in fair value of investments during the period, both realized and unrealized, are reported as revenue in the statement of revenues, expenditures, and changes in fund balances. True
Created by: acollins73
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