A Long-Term Loan from the General Fund to Another Fund

question 50

Multiple Choice

A long-term loan from the General Fund to another fund is reported in the General Fund as:

• A)due from other fund
• B)due to other fund
• C)advance to other fund
• D)advance from other fund

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Definitions:

Business Entity Assumption

An accounting principle that treats a business as an independent entity separate from its owners for accounting and legal purposes.