Bluebird2993 Bluebird2993

03-08-2020
Business

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Which of the following statements is false?
A) All of the governmental funds use the modified accrual basis of accounting.
B) Debt service funds are required to report accrued interest payable.
C) General fixed assets that are acquired with governmental fund resources are recorded as expenditures in the governmental funds but are displayed as capital assets in the governmental-wide financial statements.
D) Permanent funds reflect resources that are legally restricted so that principal may not be expended and earnings are used to benefit the government or its citizenry.

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topeadeniran2 topeadeniran2

05-08-2020

Answer: Debt service funds are required to report accrued interest payable.

Explanation:

The modified accrual basis of accounting is utilized for governmental funds. It should also be noted that permanent funds reflect resources that are legally restricted so that principal may not be expended and earnings are used to benefit the government or its citizenry.

Therefore, the option that debt service funds are required to report accrued interest payable is not true.

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