In the information for the Supplies Fund that follows,the account "Interfund Loan from Electric Utility Fund" should be credited for $320,000 because this amount was borrowed from and will have to be repaid by the Supplies Fund.

Question

Quizplus · Accepted Answer

Loan is the term described in GASB standards for such transactions. Interfund loans should be properly classified as current or noncurrent receivables or payables.

In the Information for the Supplies Fund That Follows,the Account