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 Topic: Inter fund transfer ( Topic Closed)
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jsn123
Regular
Joined: 22 Dec 2009
Location: United States
Online Status: Offline
Posts: 107
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| Posted: 30 Sep 2010 at 15:12 | IP Logged
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Elected officials for the City of Night transfer $900,000
from the general fund to a capital projects fund as
financing for the construction of a building at the local
high school. This is an intra-activity transaction since
it occurred between two governmental funds. In preparing
the fund-based financial statements for the governmental
funds, how is this transfer reported on the statement of
revenues, expenditures, and other changes in fund
balance?
A The capital projects fund reports an other financing
source, the general fund reports an other financing use,
but the two balances are offset on the column “total
governmental funds.”
B The capital projects fund reports an other financing
source, the general fund reports an other financing use,
and both of these balances are shown in the column “total
governmental funds.”
C The capital projects fund reports a revenue, the
general fund reports an expenditure, but the two balances
are offset on the column “total governmental funds.”
D The capital projects fund reports a revenue, the
general fund reports an expenditure, and both of these
balances are shown in the column “total governmental
funds.”
Answer: B
I thought the correct answer was 'A'.
Aren't we supposed to eliminate the inter fund transfers?
Any help is appreciated!!
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PFgirl
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Joined: 28 Sep 2009
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Posts: 44
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| Posted: 06 Oct 2010 at 11:49 | IP Logged
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Other financing soure/use: transfer in & transfer out couldn't offset, they should appear on the statement of revenue, expenditure, and changes in fund balance.
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