A Debt Service Fund of Clifton Received $100,000 from Its

question 56

Multiple Choice

A debt service fund of Clifton received $100,000 from its general fund during the fiscal year ended June 30,20X9.The cash was used to pay matured interest on Clifton's general obligation bonds,which were issued to finance construction of a new municipal building.On the statement of revenues,expenditures,and changes in fund balance prepared for the debt service fund for the year ended June 30,20X9,the amount received from the general fund should be reported as:

• A)revenue.
• B)a reduction of expenditures.
• C)an other financing source.
• D)matured interest payments.

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Definitions:

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