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A Government Provided Original Financing for Its Supplies Fund by a Transfer

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A government provided original financing for its supplies fund by a transfer of $40,000 cash from the General Fund.The transferee fund credited the amount to Interfund Loan from General Fund-Noncurrent.Assuming that the terminology is correct,how should the transfer be classified in the statements of the supplies fund? Suggest an appropriate name for the corresponding account in the General Fund; how should the corresponding account be shown in the statements of the General Fund?

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Answered by ExamLex AI

Answered by ExamLex AI

In governmental accounting, when a trans...

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