The General Fund provides a recurring annual subsidy to the Mass Transit Enterprise Fund to keep bus fares at a reasonable level. How should the General Fund report the subsidy in its financial statements? a. as an expenditure b. as a long-term advance c. as a transfer out d. as a reimbursement A state will give a city a grant of $500,000 for a special "meals for the homeless" program. The city will payment from the state after submitting quarterly cost statements showing expenditures and number of homeless people served. The city bills the state 45 days after the end of each quarter. When should the city recognize revenues under this grant? a. when it receives the quarterly cash payments from the state b. at the end of the grant, when all expenditures have been incurred c. when it sends bills to the state d. when it incurs expenditures under the grant What type of fund is most likely to account for the spending of income earned by a