The GASB Codification Sets Forth Circumstances in Which a State

question 20

Multiple Choice

The GASB Codification sets forth circumstances in which a state or local government is permitted to accrue expenditures related to unmatured principal and interest on general obligation long-term liabilities. Which of the following are those circumstances?

I. Dedicated financial resources to pay the maturing principal and interest have been accumulated in a Debt Service Fund by year end.
II. The debt service payment is due early next year (within 30 days) .
III. The debt service payment is due early next year (within 60 days) .

• A) I only.
• B) I and II.
• C) I and III.
• D) II only.

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