Regarding Interfund Transactions,which of the Following Is Not Correct

question 57

Multiple Choice

Regarding interfund transactions,which of the following is not correct?

• A) Transaction between funds are not assumed to be arm's length in nature.
• B) Failure to properly report interfund transactions will result in two funds being misstated.
• C) Interfund transaction must be repaid.
• D) Interfund reimbursement is a payment by one fund to second fund to repay it for a purchase which belongs in the first fund.

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Definitions:

Negative Attitude

A general disposition of disfavor or opposition towards a specific object, concept, or person.

Discrimination

Unfair or prejudiced treatment of individuals based on characteristics such as race, gender, age, or sexual orientation.

Stereotype

A simplified and fixed image or idea of a particular type of person or thing, commonly held in a manner that dismisses individual differences.

Prejudice

A preconceived opinion or bias against a person, group, or topic that is not based on reason or actual experience.