28. which is true about the general fund interfund transfers?\na. the general fund records the receipt of an…

28. which is true about the general fund interfund transfers?\na. the general fund records the receipt of an interfund transfer as an other financing source or use.\nb. the general fund records the receipt of an interfund transfer as a revenue.\nc. the general fund records an interfund transfer to another fund as an expenditure.\nd. the general fund would not report an interfund transfer in a statement of revenues, expenditures & changes in fund balance.

28. which is true about the general fund interfund transfers?\na. the general fund records the receipt of an interfund transfer as an other financing source or use.\nb. the general fund records the receipt of an interfund transfer as a revenue.\nc. the general fund records an interfund transfer to another fund as an expenditure.\nd. the general fund would not report an interfund transfer in a statement of revenues, expenditures & changes in fund balance.

Answer

Brief Explanations:

In governmental accounting, when the General Fund receives an interfund transfer, it is recorded as an other financing source or use. It is not considered revenue. Transferring to another fund is also an other - financing use, not an expenditure. And interfund transfers are reported in the statement of revenues, expenditures, and changes in fund balance.

Answer:

A. The General Fund records the receipt of an interfund transfer as an other financing source or use.