Question
Which of the following would be considered an internal exchange transaction? a)The General Fund transfers $200,000 to establish a Central Supplies Fund; this amount will
Which of the following would be considered an internal exchange transaction?
a)The General Fund transfers $200,000 to establish a Central Supplies Fund; this amount will not be repaid.
b)The General Fund transfers $125,000 to the Debt Service Fund for payment of currently due bond interest payments.
c)The General Fund transfers $9,000 to the Central Supplies Fund for supplies it received from Central Supplies.
d)The Capital Projects Fund completes a library building project and transfers the remaining cash to the Debt Service Fund.
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Financial Accounting Cases
Authors: Camillo Lento, Jo-Anne Ryan
3rd Canadian Edition
1119594642, 978-1119594642
