The formation of an Internal Service Fund by the receipt of cash from the General Fund is reported as an interfund transfer.

Name: The formation of an Internal Service Fund by the receipt of cash from the General Fund is reported as an interfund transfer.
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Question

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The formation of an Internal Service Fund by the receipt of cash from the General Fund is indeed reported as an interfund transfer because it involves the movement of resources between funds within the same governmental entity.

The Formation of an Internal Service Fund by the Receipt