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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