The Required Statements for an Internal Service Fund Include a Statement

question 20

Multiple Choice

The required statements for an Internal Service Fund include a Statement of

• A) Activities.
• B) Revenues, Expenditures, and Changes in Fund Balance.
• C) Revenues, Expenditures, and Changes in Fund Net Position.
• D) Revenues, Expenses, and Changes in Fund Net Position.

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Definitions:

Freight Charges

Costs associated with transporting goods from one place to another.

FOB Destination

A shipping term indicating that the seller pays for transportation and is responsible for the goods until they are received by the buyer.

FOB Shipping Point

A term indicating that the buyer assumes responsibility for the goods and the transportation costs at the point of origin.

Accounts Receivable-Stanton

Likely refers to the amounts due to a business (possibly named Stanton) from its customers for goods or services delivered on credit.