Which of the following funds is used to account for the payment of principal and interest of general long term debt of a government?
A) General Fund
B) Debt Service Fund
C) Agency Fund
D) Capital Projects Fund

Question

Quizplus · Accepted Answer

The Debt Service Fund is specifically used to account for the payment of principal and interest of long-term debt of a government, including general long-term debt. The General Fund is the primary operating fund for a government, the Agency Fund is used to account for assets held by a government as an agent for individuals or other entities, and the Capital Projects Fund is used to account for the construction or acquisition of major capital facilities or projects.

Which of the Following Funds Is Used to Account for the Payment