An Internal Service Fund Had the Following Transactions During the Year

question 76

Multiple Choice

An internal service fund had the following transactions during the year ended June 30, 20X9, its first year of existence:
(1) Received $1,000,000 contribution from the general fund.
(2) Acquired fleet of cars for $950,000, paying cash.
(3) Billed departments in other funds $500,000 for using cars.
(4) Incurred operating costs, exclusive of depreciation, of $240,000.
(5) Depreciation expense amounted to $250,000.
Refer to the above information. On the internal service fund's balance sheet at June 30, 20X9, net assets-unrestricted should be reported at:

• A) $260,000.
• B) $310,000.
• C) $550,000.
• D) $1,250,000.

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Definitions:

Power Motivation

The drive to influence others and achieve a position of authority or control in a social or professional context.

Intrinsic Goals

Personal growth, affiliation, and community feeling.

Personal Growth

An individual’s process of developing self-awareness, knowledge, and improving personal skills and qualities over time.

Buddhist Psychology

Buddhist Psychology focuses on understanding the mind and behavior through the lens of Buddhist teachings, emphasizing concepts like mindfulness and the cessation of suffering.