Debt service funds: It is an account for the accumulation and use of resources for the payment of long-term debt and interest. The accounting and financial reporting for the debt service funds is the same as for the general funds. In modified accrual basis accounting is used and only the portion of the long term debt that matured and is currently payable is recorded as debt service fund. To explain :how the interest on long term debt accounting in debt service fund is treated.

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Answer 1

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Chapter 18, Problem 18.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of long-term debt and interest. The accounting and financial reporting for the debt service funds is the same as for the general funds. In modified accrual basis accounting is used and only the portion of the long term debt that matured and is currently payable is recorded as debt service fund.

To explain:how the interest on long term debt accounting in debt service fund is treated.

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Answer 2

Question

Chapter 18, Problem 18.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of long-term debt and interest. The accounting and financial reporting for the debt service funds is the same as for the general funds. In modified accrual basis accounting is used and only the portion of the long term debt that matured and is currently payable is recorded as debt service fund.

To explain:how the interest on long term debt accounting in debt service fund is treated.

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Answer 3

Question

Chapter 18, Problem 18.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of long-term debt and interest. The accounting and financial reporting for the debt service funds is the same as for the general funds. In modified accrual basis accounting is used and only the portion of the long term debt that matured and is currently payable is recorded as debt service fund.

To explain:how the interest on long term debt accounting in debt service fund is treated.

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Answer 4

Question

Chapter 18, Problem 18.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of long-term debt and interest. The accounting and financial reporting for the debt service funds is the same as for the general funds. In modified accrual basis accounting is used and only the portion of the long term debt that matured and is currently payable is recorded as debt service fund.

To explain:how the interest on long term debt accounting in debt service fund is treated.

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Answer 5

Chapter 18, Problem 18.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of long-term debt and interest. The accounting and financial reporting for the debt service funds is the same as for the general funds. In modified accrual basis accounting is used and only the portion of the long term debt that matured and is currently payable is recorded as debt service fund.

To explain:how the interest on long term debt accounting in debt service fund is treated.

Answer 6

Chapter 18, Problem 18.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of long-term debt and interest. The accounting and financial reporting for the debt service funds is the same as for the general funds. In modified accrual basis accounting is used and only the portion of the long term debt that matured and is currently payable is recorded as debt service fund.

To explain:how the interest on long term debt accounting in debt service fund is treated.

Answer 7

Chapter 18, Problem 18.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of long-term debt and interest. The accounting and financial reporting for the debt service funds is the same as for the general funds. In modified accrual basis accounting is used and only the portion of the long term debt that matured and is currently payable is recorded as debt service fund.

To explain:how the interest on long term debt accounting in debt service fund is treated.

Answer 8

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Answer 11

Ch. 18 - In what circumstances would a governmental unit...Ch. 18 - Prob. 18.2Q Ch. 18 - Prob. 18.3Q Ch. 18 - Prob. 18.4Q Ch. 18 - What is the basis of accounting in the proprietary...Ch. 18 - Prob. 18.6Q Ch. 18 - Prob. 18.7Q Ch. 18 - What are the primary differences between a...Ch. 18 - Prob. 18.9Q Ch. 18 - Prob. 18.10Q

Solution Summary: The author explains that debt service funds are an account for the accumulation and use of resources for payment of long-term debt and interest.

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