MSB AC 330 XM2 Word Scramble
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| Question | Answer |
| 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
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