The Following Balances Exist at Year End Within the Governmental

question 4

Multiple Choice

The following balances exist at year end within the governmental activities of a government unit:
Transfers In: 145,000
Transfers Out: 115,000
When compiling the government-wide financial statements, the journal entry to eliminate the transfer activity will include:

• A) A debit of $115,000 to Transfers Out
• B) A debit of $30,000 to Transfers In
• C) A debit of $115,000 to Transfers In
• D) None of the above

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Definitions:

Japanese Yen

The official currency of Japan, symbolized as ¥ and known in the forex markets as JPY.

Mexican Peso

The Mexican Peso is the official currency of Mexico, represented by the symbol $ or MX$ to distinguish it from other dollar-denominated currencies.

Dollar Value

The worth or purchasing power of the United States dollar in terms of the amount of goods or services that one unit of money can buy.

Trade Deficit

A situation where a country's imports exceed its exports, leading to a negative balance of trade.