The Following Are Sources of Revenue for the Debt Service

question 151

Multiple Choice

The following are sources of revenue for the debt service fund except:

• A) Tax levies specifically designed for debt service.
• B) General taxes levied by the General Fund and transferred to the debt service fund.
• C) Special assessments levied against property.
• D) All of the above are sources of revenue for the debt service fund.

---

Definitions:

AASB 15

An Australian Accounting Standards Board standard on revenue from contracts with customers, specifying how and when to recognize revenue and the related costs.

IFRS 15

The International Financial Reporting Standard that specifies how and when to recognize revenue from contracts with customers, setting requirements for the disclosure of revenue information.

Contracts

Legally binding agreements between two or more parties that outline terms, conditions, and obligations of each party.

Conceptual Framework

A theoretical structure that outlines the objectives and fundamentals of financial reporting to guide the development of accounting standards.