If all financial resource inflows have been collected,and all debt interest and principal legally due has been paid,a regular serial bond debt service fund could have no assets,no liabilities,and no fund balance at year-end.

Question

Quizplus · Accepted Answer

Regular serial bond debt service funds commonly raise only the amount of revenue that will have to be expended each year. If collections equal disbursements there is nothing to report in a balance sheet.

If All Financial Resource Inflows Have Been Collected,and All Debt