Internal Service Funds Report a Statement of Net Position and a General

question 27

Multiple Choice

Internal Service Funds report a statement of net position and a General Fund reports a balance sheet. Which of the following would potentially appear on both the statement of net position and the balance sheet?

• A) Inventory.
• B) Capital assets.
• C) Bonds payable.
• D) Temporarily restricted net position.

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Definitions:

Not-for-Profit

An organization that operates for purposes other than generating profit, focusing instead on serving a public or mutual benefit.

Five-step Progression

A sequential approach or methodology, often applied to processes requiring stages of development or evaluation.

Health Care Entity

An organization involved in the provision of medical, surgical, dental, or other health services.

Acquirer's Accounting

The accounting method used by an acquiring company to record the assets, liabilities, and non-controlling interests of an acquired company.