Which of the following accounts is least likely to be shown on the balance sheet of a debt service fund?

E. 6-1
1. A government opts to set aside $10 million of general fund
resources to finance a new city hall. Construction is expected to begin
in several years, when the city has been able to accumulate additional
resources.
2. A government should distinguish underwriting and other issue costs from bond premiums and discounts and should
3. When a government issues bonds at premiums or discounts and records the proceeds in a capital projects fund, it should
4. A city holds U.S. Treasury notes as an investment in a capital projects
fund. During the year the market value of the notes increases by
$50,000. Of this amount, $14,000 can be attributed to a decline in
prevailing interest rates and $36,000 to interest that has been earned
but not yet received. As of year-end, the city should recognize as
revenue
5. Which of the following accounts is least likely to be shown on the balance sheet of a debt service fund?
6. Special assessment debt should be reported on the balance sheet of a
city if the debt is to be paid from assessments on property owners and
7. In its fund statements a government should recognize revenue from special assessments
8. In the year it imposes a special assessment, a government should recognize in its government-wide statements
9. Under existing federal statutes, arbitrage as it applies to state and local governments
10. Bond refunding are most likely to result in an economic gain when

 

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