How Should the Fund Balance of a Debt Service Fund

question 64

Multiple Choice

How should the fund balance of a debt service fund generally be incorporated into the government-wide statement of net position?

• A) Net position-investment in capital assets, net of related debt
• B) Net position-unassigned
• C) Net position-unrestricted
• D) Net position-restricted

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Definitions:

Net Income

The amount of money that remains after all operating expenses, taxes, and interest have been deducted from total revenue.

Adjusted Trial Balance

A statement that lists all accounts and their balances after adjustments have been made, serving as the basis for preparing financial statements.

Financial Statement Column

A component of financial statements where numeric information is arranged vertically for purposes of analysis, reporting, and decision-making.

Check Mark

A symbol used to indicate agreement, correctness, or selection, typically resembling a tick (✓).