A government reported the following transfers in its governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances: (1) a transfer from the General Fund to a special revenue fund in the amount of $400,000; (2) a transfer from the General Fund to an internal service fund in the amount of $300,000; (3) a transfer from the General Fund to a permanent fund in the amount of $200,000. The amount that would be shown as a transfer out in the governmental activities column in the Statement of Activities would be:

Question

Quizplus · Accepted Answer

Transfers between funds do not affect the net position of the government and are eliminated when preparing the government-wide financial statements. Therefore, there would be no transfer out shown in the governmental activities column of the Statement of Activities.

A Government Reported the Following Transfers in Its Governmental Funds