The General Fund Used Electricity Provided by the City-Owned Electric

question 16

Multiple Choice

The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city) . The General Fund general journal entry to record the transaction will include:

• A) A debit to Expenses.
• B) A debit to Expenditures.
• C) A debit to Interfund Transfers Out.
• D) A debit to Due to Other Funds.

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Definitions:

Total Amount

The sum total of all quantities or values, usually referring to the final sum on invoices, bills, or financial statements.

Cost Reconciliation Report

A report that reconciles estimated or budgeted costs with actual costs, commonly used in project management and job costing.

Total Cost

The complete cost of producing or acquiring goods or services, including fixed and variable costs.

Department

A distinct part of an organization with a specific function or group of related functions.