Multiple Choice
Regarding interfund transactions,which of the following is not correct?
A) Transaction between funds are not assumed to be arm's length in nature
B) Failure to properly report interfund transactions will result in two funds being misstated.
C) Interfund transactions must be repaid.
D) Interfund reimbursement is a payment by one fund to second fund to repay it for a purchase which belongs in the first fund.
Correct Answer:
Verified
Correct Answer:
Verified
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