The Diné Nation-recognized by the United States Congress as a sovereign Native American nation-is accumulating financial resources that are legally restricted to service future principal and interest payments on general long-term debt. At June 30 of the current year, $5,000,000 and $500,000 have been accumulated for principal and interest payments, respectively. These restricted funds should be accounted for in the

Question

Quizplus · Accepted Answer

The correct answer is B) $5,500,000 $0 because the funds accumulated for principal and interest payments on general long-term debt are specifically for debt service purposes and should be accounted for in the Debt Service Fund, not the General Fund.

The Diné Nation-Recognized by the United States Congress as a Sovereign