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chatterr
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| Posted: 31 Oct 2011 at 21:58 | IP Logged
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Hi Happy3001,
Operating transfers (Transfer in and transfer out) are never recognized as revenues or expenses.
Quasi external transactions(As if selling to outside party) are recognized as revenue. For example, if the internal revenue fund charges the general fund for electricity, this would be an example of a quasi organization. The internal fund would record revenue.
The General fund would record the payment as an expenditure.
Reimbursements and loans would not be recorded as revenues.
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happy3001
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| Posted: 01 Nov 2011 at 14:27 | IP Logged
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Thanks Chatterr, I totally understand this topic. thanks a lot, good luck on your test.
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Daniel01
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| Posted: 02 Dec 2011 at 06:06 | IP Logged
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Actually these in and outs are types of inter- governmental transactions . Such transaction takes place between different governmental funds.
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Topic: GOVERNMENTAL FUND
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