Interfund Services

question 34

Multiple Choice

Interfund services:

• A) Provided and used represent transactions involving sales and purchases of goods and services between funds.
• B) Are sometimes called quasi-external transactions.
• C) Are recorded as if they were transactions with parties outside the government.
• D) All of the above apply to interfund services.

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Definitions:

Caveat Emptor

Latin for "let the buyer beware," indicating that the buyer assumes the risk for the quality and condition of goods purchased unless protected by warranty.

Sale of Goods Act

Legislation governing the sale of goods, prescribing the rights and duties of buyers and sellers.

Competition Bureau

A governmental agency responsible for enforcing laws to ensure fair competition, preventing monopolies, and promoting consumer interests.

Law Enforcement

The activity of ensuring compliance with the laws of a jurisdiction, typically conducted by police and other agencies.