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All of the following statements regarding a Debt Service Fund are true except A...

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Accounting

All of the following statements regarding a Debt Service Fund are true except

  1. A Debt Service Fund is rarely used to account for all of a governmental entity's general obligation bond repayments.
  2. Debt service on capital lease obligations is generally not accounted for in a Debt Service Fund.
  3. A government may have several Debt Service Funds.
  4. A government may use one Debt Service Fund to account for multiple general government debt issuances.

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