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A Major Exception to the General Rule of Expenditure Accrual

question 25

Short Answer

A major exception to the general rule of expenditure accrual for governmental funds of a state or local government relates to unmatured  Interest on General  Long-term debt  Principal of general  Long-term debt  a  Yes  No  b  No  Yes  c  Yes  Yes  d  No  No \begin{array} { c c c } & \begin{array} { c } \text { Interest on General } \\\text { Long-term debt }\end{array} & \begin{array} { c } \text { Principal of general } \\\text { Long-term debt }\end{array} \\\hline \text { a } & \text { Yes } & \text { No } \\\text { b } & \text { No } & \text { Yes } \\\text { c } & \text { Yes } & \text { Yes } \\\text { d } & \text { No } & \text { No }\end{array}


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