Debt Service Expenditures for Principal and Interest Are

question 123

Multiple Choice

Debt service expenditures for principal and interest are:

• A) Accrued.
• B) Recorded when due but may be accrued at year end if debt service due date is less than 30 days after year end.
• C) Recorded when due but may be accrued at year end if debt service due date is less than 60 days after year.
• D) Reported in the government-wide statements only.

---

Definitions:

Fourteenth Amendment

An amendment to the U.S. Constitution that addresses citizenship rights and equal protection under the law.

Same Sex Marriage

The legally or socially recognized marriage between two people of the same biological sex or gender identity.

Interstate Commerce

The trade, traffic, or transportation of goods, services, or money across state borders within the United States, regulated by federal law.

State Law

The body of law enacted by the legislative branch of a state or established by its judiciary.