Question
The city of Steveville is preparing its annual financial statement. A new employee, Victoria Watson, is responsible for preparing the basic financial statements for the
The city of Steveville is preparing its annual financial statement. A new employee, Victoria Watson, is responsible for preparing the basic financial statements for the city's three internal service funds. Where should VIctoria report the Internal Service fund activity in the combined financial statements?
A) Any major Internal Service Funds should be reported in separate columns in the proprietary fund financial statements and nonmajor Enterprise Funds B) Internal Service Funds should be reported in their own separate set of financial statements that shows a column for each major Internal Service Fund with the remainder of Internal Service Funds aggregated in a single column
C) Internal Service Funds should be aggregated in a single column to the right of Enterprise Funds in the proprietary fund financial statements
D) Internal Service Funds are not reported in the fund during the most recent month, but rather only reported as part of government-wide reporting
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