In accordance with GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—

for State and Local Governments, what types of interfund transactions are included in the amount reported for transfers on the government-wide statement of activities?

I. Yearly operating subsidies from the general fund to an enterprise fund.

II. Billings from an enterprise fund to an internal service fund for services rendered.

a. I only.

b. II only.

c. Both I and II.

d. Neither I nor II.