Fund A transfers $20,000 to Fund B. For each of the following, indicate whether the statement is
Question:
a. If Fund A is the General Fund and Fund B is an Enterprise Fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements.
b. If Fund A is the General Fund and Fund B is a Debt Service Fund, nothing will be shown for this transfer on the statement of activities within the government-wide financial statements.
c. If Fund A is the General Fund and Fund B is an Enterprise Fund, a $20,000 reduction will be reported on the statement of revenues, expenditures, and other changes for the governmental funds within the fund-based financial statements.
d. If Fund A is the General Fund and Fund B is a Special Revenue Fund (which is not considered a major fund), no changes will be shown on the statement of revenues, expenditures, and other changes within the fund-based financial statements.
e. If Fund A is the General Fund and Fund B is an Internal Service Fund and this is for work done, the General Fund will report an expense of $20,000 within the fund-based financial statements.
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A FalseA transfer out will be shown by the governmental activities and a transfer in will be ...View the full answer
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Related Book For 
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
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