Multiple Choice
Which of the following is a required note disclosure regarding interfund transfers?
A) A general description of the principal purposes of interfund transfers must be disclosed.
B) Interfund transfers do not need to be described provided the total amount of the transfers is clearly reported on the face of the operating statement.
C) Interfund transfers do not need to be described provided the balances due on the transfers are made within two years.
D) Each interfund transfer, regardless of size, is required to be described
Correct Answer:
Verified
Correct Answer:
Verified
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