It is proper to recognize revenues or expenditures resulting from which of the following classifications of interfund activity?
A) Interfund loans and interfund transfers
B) Interfund services provided/used and interfund reimbursements
C) Interfund reimbursements and interfund loans
D) Interfund services provided/used and interfund transfers

Question

Quizplus · Accepted Answer

Interfund services provided/used and interfund reimbursements are recognized as revenues or expenditures in the accounting period in which the services are provided or the reimbursements occur, reflecting the actual financial impact of these transactions on the funds involved.

It Is Proper to Recognize Revenues or Expenditures Resulting from Which