Multiple Choice
Which of the following is NOT true about internal service funds as reported in the fund financial statements?
A) Costs reported by internal service funds are reported twice within the same set of financial statements.
B) Billing rates must be set to cover the full cost of providing the goods or services.
C) Depreciation can be charged to governmental funds through the billing rates established by the internal service fund.
D) Deficits or surpluses in the general fund can be transferred to the internal service fund by adjusting the billing rates.
Correct Answer:
Verified
Correct Answer:
Verified
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