Which of the Following Statements Concerning Interfund Transfers Is True

question 10

Multiple Choice

Which of the following statements concerning interfund transfers is True?

• A) Interfund transfers are reported in the statement of revenues, expenditures, and changes in fund balance when transfers occur among governmental funds.
• B) Interfund transfers are reported in the statement of activities when transfers occur among governmental funds.
• C) Interfund transfers are reported in the statement of revenues, expenditures, and changes in fund balance and the statement of activities when transfers occur among governmental funds.
• D) Interfund transfers are reported as internal balances on the statement of net position when activity occurs among governmental activities and business-type activities.

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Definitions:

Exoskeletons

Hard outer structures that provide support and protection to the bodies of certain organisms like insects and crustaceans.

Sphincter

A ring-like muscle that controls the passage of substances through an opening in the body, such as the anus or esophagus.