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Emorizle
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| Posted: 07 Jul 2010 at 17:02 | IP Logged
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Question:
Which of the following does not affect an internal service fund's change in
net asset?
a. depreciation expense on its fixed assets
b. interfund transfers in
c. interfund transfers out
d. due from other funds
the correct answer is d.
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Tajik4CPA
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| Posted: 07 Jul 2010 at 18:05 | IP Logged
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I think it is D because due from other funds is a balance sheet account, the other three are income statement accounts and they all change the net assets. Correct me if I am wrong.
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Emorizle
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| Posted: 07 Jul 2010 at 20:40 | IP Logged
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Thanks, I am not very good with Governmental Accounting, so Income
Statement= Fund's change in net asset, or also known as Statement of
Revenues and Expenses.
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Topic: Question on CPA 01054
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