Harris County Transferred $300,000 from the General Fund to the Motor

question 62

Multiple Choice

Harris County transferred $300,000 from the general fund to the Motor Pool Internal Service Fund to pay for the use of automobiles during the first six months of FY 2015.The appropriate entry in the general fund to record this transfer of cash would be

• A)Debit Expenditures $300,000; Credit Cash $300,000.
• B)Debit Nonreciprocal transfer-out $300,000; Credit Cash $300,000.
• C)Debit Fund balance-transfer out $300,000; Credit Cash $300,000.
• D)Debit Nonreciprocal transfer-in $300,000; Credit Cash $300,000.

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Definitions:

Shareholder

An individual or institution that owns at least one share of a company's stock, making them partial owners of the company.

Shareholder's Derivative Suit

A lawsuit brought by a shareholder on behalf of a corporation against a third party, often an insider of the corporation, for harm done to the corporation.

Direct Suit

A legal action initiated directly by an individual or entity against another party, without the need for intermediary steps, typically for injury or damage.

Lawsuit

A legal action brought in court by one party against another for the purpose of obtaining a remedy such as damages or specific performance.