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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Definitions:

Court Decisions

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The process by which an employer or employee ends an employee’s job, which can occur through resignation, firing, layoff, or mutual agreement.

Reasonably Informed

A standard describing a person who has access to and understands basic information relevant to the issues or decisions at hand.

Attorney's Duty

The obligations and ethical responsibilities an attorney has towards their clients, the court, and the legal system.