How are amounts due to other funds reported in fund-level financial statements?
A)assets in the balance sheet
B)expenditures in the statement of revenues,expenditures,and changes in fund balances
C)liabilities in the balance sheet
D)transfers out in the statement of revenues,expenditures,and changes in fund balances

Question

Quizplus · Accepted Answer

Amounts due to other funds are reported as liabilities in the balance sheet of the fund-level financial statements. This is because they represent amounts that the reporting fund owes to other funds, which is a form of debt or obligation.

How Are Amounts Due to Other Funds Reported in Fund-Level