MSB GovNFP Unit 8
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| What is a liability that is related to the clean up of hazardous wastes or hazardous substances resulting from existing pollution? | Pollution Remediation Obligations
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| 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.
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| Where are General Long Term Liabilities reported? | In the Governmental Activities column of the government-wide statement of net assets.
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| What is the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time? | Debt Limit
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| What is Debt Margin sometimes referred to as? | Borrowing Power
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| 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.
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| What are the three types of serial bonds? | Regular Serial Bonds, Irregular Serial Bonds, and Deferred Serial Bonds
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| Under the current GASB standards what type of accounting and recording is required? | Fair Value
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| 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
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| What is In-Substance Defeasance? | Debt is considered settled for accounting and financial reporting purposes even though legal defeasance has not occured.
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