In Order to Recognize a Debt Service Payment That Comes

question 39

Multiple Choice

In order to recognize a debt service payment that comes due in the next fiscal year as an expenditure in the current fiscal year, which of the following conditions need not hold true?

• A) The payment must come due early (not more than one month) in the next fiscal year.
• B) Resources to make the payment need to have been raised in the current fiscal year to make the payment.
• C) The resources dedicated for the payment must be held in the appropriate Debt Service Fund.
• D) The payment must be for interest only; principal payments do not qualify for this early recognition.

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