Regarding Interfund Transactions, Which of the Following Is not

question 60

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) Interfund transactions must be repaid.
• C) Failure to properly report interfund transactions will result in two funds being misstated.
• 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:

Closed Shop

A form of union security agreement where an employer agrees to hire union members only, and employees must remain members of the union at all times.

Craft Unions

Labor unions that represent workers in specific crafts or trades, focusing on the skilled labor within particular industries.

Right-to-Work Laws

Legislation that prohibits compulsory membership in or payment to a union as a condition of employment, aimed at protecting workers' rights to choose.

United Auto Workers

A labor union in the United States that represents workers in the automotive industry.