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In: Accounting

An internal service provided and used by a state or local government A. Results in expenditures...

An internal service provided and used by a state or local government

A. Results in expenditures or expenses to buyer funds and revenues to seller funds.

B. Requires recognition of an other financing source by the transferee fund and an other financing use by the transferor fund.

C. Is the internal counterpart to a nonexchange transaction.

D. Normally is displayed in the financial statements as a reimbursement.

Solutions

Expert Solution

An internal service provided and used by a state or local government Results in expenditures or expenses to buyer funds and revenues to seller funds.
The service provided fund records it as revenue and the service receiver fund records it as expense.
Option A is correct

ekkarill92 answered 2 years ago
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