Debt Service Funds do not report accrued interest payable on general long-term liabilities at year-end.

Question

Quizplus · Accepted Answer

Debt Service Funds, under the modified accrual basis of accounting, do not report accrued interest payable on general long-term liabilities since these funds are primarily concerned with the accumulation of resources for, and the payment of, general long-term debt principal and interest when due.

Debt Service Funds Do Not Report Accrued Interest Payable on General