In the Information for the Supplies Fund That Follows,the Account

question 81

True/False

In the information for the Supplies Fund that follows,the account "Interfund Transfer In from General Fund" should be credited for $89,200 because this amount was transferred from the General Fund to the Supplies Fund in a nonexchange transfer that will not have to be repaid.

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Definitions:

Reacquisition

The process of buying back or otherwise regaining possession of something previously sold, lost, or given away.

Instrument

A formal legal document, such as a contract, will, bond, lease, or loan, that establishes legal rights and obligations.

Negotiation

A bargaining process in which disputing parties interact informally to attempt to resolve their dispute. Also, the transfer of the rights to a negotiable instrument from one party to another.

Liability

The state of being responsible for something, especially in terms of legal or financial obligations that may arise from actions or transactions.