According to GAAP, Only City's Transportation Services Internal Service Fund must present which financial statements?
I. A Statement of Net Position
II. A Statement of Revenues, Expenditures, and Changes in Fund Net Position
III. A Statement of Revenues, Expenses, and Changes in Fund Net Position
IV. A Statement of Cash Flows

Question

According to GAAP, Only City's Transportation Services Internal Service Fund must present which financial statements? 
I. A Statement of Net Position
II. A Statement of Revenues, Expenditures, and Changes in Fund Net Position
III. A Statement of Revenues, Expenses, and Changes in Fund Net Position
IV. A Statement of Cash Flows

Quizplus · Accepted Answer

Internal Service Funds, under GAAP, must present a Statement of Net Position, a Statement of Revenues, Expenses, and Changes in Fund Net Position, and a Statement of Cash Flows, reflecting their operation similar to business-type activities.