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) Interfund transactions must be repaid.
C) Failure to properly report interfund transactions will result in two funds being misstated.
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
Q55: Special revenue funds are used if the
Q56: Special Revenue Funds may be used whenever
Q57: When recording property taxes, the estimated uncollectible
Q58: The expenditures account equals the amount of
Q59: The entry to re-establish encumbrances related to
Q61: Special revenue funds are used when it
Q62: The following information was available for the
Q63: Which of the following is true regarding
Q64: The General Fund of the City of
Q65: Resources appropriately reported within proprietary or fiduciary