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Topic: Pls explain - Governmental (Becker- MCQ) (

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aimedcpa
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Joined: 16 Dec 2008
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Posted: 02 Mar 2010 at 12:21 \| IP Logged

In preparing government-wide financial statements for a governmental entity, interfund receivables and payables between governmental and enterprise funds should:

a.Reported as reservations of fund balance.

b.Reported as additions to or reductions from the unrestricted fund bal.

c.Reported as amount due to or due fromother funds.

d.Reported as internal balances.- ANS

Are these not eliminated??

Pls Explain .............................sumone thanx in advance................

Aimedcpa

BEC 83

REG 77

FAR studying

AUD TBD

aimedcpa
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Posted: 02 Mar 2010 at 16:06 \| IP Logged

No reply .............as yet

Plssssssssssss .....................

pearljam10
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Joined: 28 Jan 2010
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Posted: 02 Mar 2010 at 17:43 \| IP Logged

Enterprize funds are not eliminated. They treat the person like a customer. Sales are not eliminated . They use commercial accounting. Someone correct me if I am wrong. Thank you

meghna
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Joined: 21 Jun 2009
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Posted: 02 Mar 2010 at 21:31 \| IP Logged

Numerous eliminations and reclassifications are necessary in preparing govt wide financial statements.Thus interfund receivables and payables are eliminated in governmental and bussiness type activities except for net residual amounts due(Presented as internal balances).However total primary government excludes internal balances...

This is what I found in GLiem..

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