Which of the following financial statements are required for a Debt Service Fund?

Question

Quizplus · Accepted Answer

The Debt Service Fund requires a balance sheet and a statement of revenues, expenditures, and changes in fund balance. A statement of net position is not required because it only presents the assets and liabilities of the fund at a specific point in time, while the balance sheet shows these items as well as the fund balance. The statement of cash flows is not necessary because the Debt Service Fund is not engaged in ongoing operating activities that generate cash inflows and outflows.

Which of the Following Financial Statements Are Required for a Debt