51.Encumbrance accounting is typically not used for Permanent Funds.
52.General Funds and special revenue funds typically record budgets.
53.Budgets are typically recorded for capital projects, debt service, and permanent funds.
54.If taxes and/or special assessments are levied specifically for payment of interest and principal on long-term debt, those taxes are recognized as revenues of the debt service fund.
55.An annuity serial bond is one where the amount of the principal increases each year by the same amount that the interest payments decrease.
56.A Debt Service Fund is a fund type that is used to account for revenues and other financing sources that are intended to service debt.
57.Major sources of funding for Capital Project Funds include the issuance of long term debt and grants from other governmental units.
58.Fund basis financial statements in which capital projects funds are reported are the Governmental Funds Balance Sheet and the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances.
59.Fixed assets of completed projects are recorded in the accounts of capital projects funds.
60.A gift of $1,000,000 to a city, to be invested permanently, with the proceeds to be used to maintain the city war memorials should be accounted for in a special revenue fund.
61.A gift of $1,000,000 to a city, to be invested permanently, with the proceeds to be used to maintain the city war memorials should be accounted for in a special projects fund.
62.If a government has debt service due no more than one month after the end of a fiscal year and has the resources available, then it is permitted to accrue expenditures and a fund liability for the debt service.