An Interfund Transfer in Should Be Reported in a Governmental

question 25

Multiple Choice

An interfund transfer in should be reported in a governmental fund operating statement as a(an) :

• A) Revenue.
• B) Due from other funds.
• C) Other financing source.
• D) Other financing use.

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Definitions:

Equal withdrawals

Regularly scheduled payments of the same amount taken from an investment or savings account.

Compounded monthly

Interest calculation method where interest is added to the principal sum once a month, affecting the total interest accrued over time.

Compounded monthly

Interest calculation method where interest is added to the principal every month, increasing the amount of future interest accruals.

College fund

A sum of money saved or invested over time, designated for covering future college education expenses.