General Fund resources of $500,000 were contributed to a Capital Projects Fund to finance a portion of the cost of a major capital project. This transaction is an example of an interfund

Question

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A transfer is the movement of financial resources between different funds of an entity. In this case, General Fund resources were transferred to the Capital Projects Fund to finance a major capital project. Therefore, this transaction is an example of an interfund transfer.

General Fund Resources of $500,000 Were Contributed to a Capital