In reviewing the accounting records of the Transportation Services Fund, an internal service fund of Douglas City,

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In reviewing the accounting records of the Transportation Services Fund, an internal service fund of Douglas City, you notice that the fund uses budgetary accounts. This is most likely because

a.) The administrators of the fund prefer to prepare a budget to use in managing the fund.

b.) GASB requires the use of budgetary accounts in internal service funds.

c.) The city council must legally approve the fund's budget.

d.) The accountants for the fund are unfamiliar with proper accounting procedures for a proprietary fund.

Related Book For answer-question

Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

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Posted Date: Jan 06, 2021 04:39 PM

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In reviewing the accounting records of the Transportation Services Fund, an internal service fund of Douglas City,

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Expert Answer:

Solution Option C the city council must legally approve the funds budget ... View the full answer

Financial accounting

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