Which of the following financial statements are required for a Debt Service Fund?
A) Statement of net position only.
B) Statement of revenues, expenditures, and changes in fund balances only.
C) Balance sheet and statement of revenues, expenditures, and changes in fund balance only.
D) Balance sheet; statement of revenues, expenditures, and changes in fund balance; and statement of cash flows.

Question

Quizplus · Accepted Answer

Debt Service Funds, as governmental funds, require a balance sheet and a statement of revenues, expenditures, and changes in fund balances to properly report their financial position and the results of their operations.

Which of the Following Financial Statements Are Required for a Debt