Debt Service Funds do not report either accrued interest payable on general long-term liabilities or the amount of such debt due within one year.

Question

Quizplus · Accepted Answer

Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest. They do not report accrued interest payable or the current portion of long-term debt because these are reported in the government-wide financial statements and in the schedules of long-term liabilities.

Debt Service Funds Do Not Report Either Accrued Interest Payable