Interfund Transfers Occur Between Individual Funds in the Same Government

question 100

Multiple Choice

Interfund transfers occur between individual funds in the same government system without the requirement of repayment. If the General Fund transferred money to the Debt Service Fund,how would the Debt Service Fund account for the transaction?

• A) As non-operating revenue.
• B) As a liability on the balance sheet.
• C) As a source of funds on the activities statement.
• D) As a reduction in net liabilities.

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