If all financial resources recognized as assets and as revenues of a debt service fund have not been collected in cash and/or have not been disbursed for payment of debt service as of the end of a fiscal year it is necessary that a debt service fund balance sheet be prepared for inclusion in a government's annual report.

Question

Quizplus · Accepted Answer

If a debt service fund has assets and/or liabilities, a balance sheet must be prepared.

If All Financial Resources Recognized as Assets and as Revenues