Debt service funds: It is an account for the accumulation and use of resources for the payment of general long-term debt principle and interest. Some governmental entities service long-term debt from general fund, thereby eliminating the need of debt service fund. For accounting and financial reporting for debt service, fund modified accrual basis of accounting is used. In this, only the portion of matured long term debt and payable in current year is recorded in debt service funds. To explain : accounting treatment of debt service fund.

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Answer 1

Question

Chapter 8, Problem 8.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of general long-term debt principle and interest. Some governmental entities service long-term debt from general fund, thereby eliminating the need of debt service fund. For accounting and financial reporting for debt service, fund modified accrual basis of accounting is used. In this, only the portion of matured long term debt and payable in current year is recorded in debt service funds.

To explain : accounting treatment of debt service fund.

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I am searching for the correct answer to this general accounting problem with proper accounting rules.

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Answer 2

Question

Chapter 8, Problem 8.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of general long-term debt principle and interest. Some governmental entities service long-term debt from general fund, thereby eliminating the need of debt service fund. For accounting and financial reporting for debt service, fund modified accrual basis of accounting is used. In this, only the portion of matured long term debt and payable in current year is recorded in debt service funds.

To explain : accounting treatment of debt service fund.

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Answer 3

Question

Chapter 8, Problem 8.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of general long-term debt principle and interest. Some governmental entities service long-term debt from general fund, thereby eliminating the need of debt service fund. For accounting and financial reporting for debt service, fund modified accrual basis of accounting is used. In this, only the portion of matured long term debt and payable in current year is recorded in debt service funds.

To explain : accounting treatment of debt service fund.

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Answer 4

Question

Chapter 8, Problem 8.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of general long-term debt principle and interest. Some governmental entities service long-term debt from general fund, thereby eliminating the need of debt service fund. For accounting and financial reporting for debt service, fund modified accrual basis of accounting is used. In this, only the portion of matured long term debt and payable in current year is recorded in debt service funds.

To explain : accounting treatment of debt service fund.

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Answer 5

Chapter 8, Problem 8.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of general long-term debt principle and interest. Some governmental entities service long-term debt from general fund, thereby eliminating the need of debt service fund. For accounting and financial reporting for debt service, fund modified accrual basis of accounting is used. In this, only the portion of matured long term debt and payable in current year is recorded in debt service funds.

To explain : accounting treatment of debt service fund.

Answer 6

Chapter 8, Problem 8.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of general long-term debt principle and interest. Some governmental entities service long-term debt from general fund, thereby eliminating the need of debt service fund. For accounting and financial reporting for debt service, fund modified accrual basis of accounting is used. In this, only the portion of matured long term debt and payable in current year is recorded in debt service funds.

To explain : accounting treatment of debt service fund.

Answer 7

Chapter 8, Problem 8.3Q

To determine

Debt service funds: It is an account for the accumulation and use of resources for the payment of general long-term debt principle and interest. Some governmental entities service long-term debt from general fund, thereby eliminating the need of debt service fund. For accounting and financial reporting for debt service, fund modified accrual basis of accounting is used. In this, only the portion of matured long term debt and payable in current year is recorded in debt service funds.

To explain : accounting treatment of debt service fund.

Answer 8

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Answer 11

Ch. 8 - Prob. 8.1Q Ch. 8 - What is meant by a constructive bond retirement in...Ch. 8 - Prob. 8.3Q Ch. 8 - Prob. 8.4Q Ch. 8 - When a parent company sells land to a subsidiary...Ch. 8 - Prob. 8.7Q Ch. 8 - Prob. 8.8Q Ch. 8 - Prob. 8.9Q Ch. 8 - Prob. 8.10Q Ch. 8 - Prob. 8.11Q

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