In the Government-Wide Statement of Net Position, Interfund Receivables and Payables

question 39

Multiple Choice

In the government-wide statement of net position, interfund receivables and payables

• A) Should not be reported.
• B) Should only be reported for balances payable between governmental activities and business-type activities.
• C) Can be reported in either the governmental activities or business-type activities columns.
• D) Should be eliminated in the governmental activities column but not the business-type activities column.

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Definitions:

Warranty Deed

A legal document in real estate transactions that guarantees the seller holds clear title to the property and has the right to sell it.

Adjacent

Being next to or near something else, typically referring to physical location.

Parking Lot

An area designated for the parking of vehicles, typically found outside commercial or public buildings.

Warehouse

A large building where raw materials or manufactured goods are stored before their distribution for sale.