Calhoun County Has a Principal and Interest Payment Due in the Following

question 43

Multiple Choice

Calhoun County has a principal and interest payment due in the following fiscal year. However, the county Debt Service Fund has the cash necessary to make the payment in the current fiscal year. Assuming all other requirements have been met and the county plans to make the payment next year, at what point must the principal and interest payment come due in the next year to recognize the expenditure in the current fiscal year?

• A) The principal and interest payment must be due before the end of the next fiscal year.
• B) The principal and interest payment must come due not later than the end of the first quarter of next fiscal year.
• C) The principal and interest payment must come due no later than the first 60 days of the next fiscal year.
• D) The principal and interest payment must come due not later than one month into the next fiscal year.

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Definitions:

Customs Brokerage Firm

A company that specializes in facilitating the import and export of goods, helping businesses navigate through customs regulations and procedures.

Department of External Affairs

An historical term used for the government department in some countries responsible for foreign relations and diplomacy, now often referred to as the Ministry of Foreign Affairs.

Trade Missions

Official trips organized by governments or trade associations aimed at exploring international business opportunities and fostering economic relations.

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Financial guarantees provided by a third party (like a government or financial institution) ensuring loan repayment in case the borrower defaults.