The General Fund of Battle Creek Budgeted a Transfer to Its

question 60

Multiple Choice

The general fund of Battle Creek budgeted a transfer to its capital projects fund for $110,000 to be used in operations during the year ended June 20,20X9.On September 15,20X8,the general fund transferred $110,000 to the capital projects fund.What account should be debited in the general fund on September 15 to record this transfer?

• A)Appropriations
• B)Expenditures
• C)Budgetary Fund Balance-Assigned For Encumbrances
• D)Other Financing Uses-Transfer Out to Capital Projects Fund

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Definitions:

Borrowing Directly

The process where individuals or entities obtain funding directly from lenders without intermediaries, typically through issuing bonds or obtaining loans.

Supplier of Funds

An entity, such as a bank or financial institution, that provides capital to individuals or businesses in the form of loans or investments.

Saver

An individual or entity that regularly saves money through traditional saving vehicles or investments, often with the goal of achieving financial security or accumulating wealth.

Financial Intermediary

Institutions that act as middlemen between savers and borrowers, including banks, investment funds, pension funds, and insurance companies.