Question 1 Which of the following is properly reported as a liability of the General Fund?
Question 1 options:
Accounts payable
General obligation bonds payable
Tax anticipation notes payable
Both b and c are correct
Question 2 Debt
service funds are used to record:
Question 2 options:
Neither principal nor interest payments of debt issues.
Only interest payments on debt issues.
Both principal and interest payments of debt issues.
Only principal payments of debt issues.
Question 3 When a vehicle is ordered by a government, the purchase order should be recorded in
the General Fund as a debit to
Question 3 options:
Encumbrances
Appropriations
Equipment
Expenditures
Question 4 Internal service funds should be used only if
Question 4 options:
The reporting government provides services primarily to external participants.
The reporting government is the predominant participant in the activity.
Either A and B.
Neither A nor B.