Any Internal Service Fund Balances That Are Not Eliminated in the Consolidation

question 25

Multiple Choice

Any internal service fund balances that are not eliminated in the consolidation process should generally be presented on the government-wide financial statements

• A) In the business-type activities column.
• B) In the internal service fund column.
• C) In the governmental activities column.
• D) These balances should not be presented on the government-wide financial statements.

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Definitions:

Franchisor

A company that grants the license to third parties for them to operate a business under the franchisor's brand and business model.

Principal

The original sum of money lent or invested, excluding any profits or interest generated from it.

Commission

A fee paid to an agent in a transaction, typically calculated as a percentage of the sale price.

Car Salesman

A person who sells new or used vehicles at a dealership.