In the statement of revenues,expenditures,and changes in fund balances,a transfer received by the Debt Service Fund from the General Fund should be reported by the Debt Service Fund as a:
A)transfer in,in the other financing sources/uses section
B)negative expenditure,in the expenditure section
C)direct addition to equity,in the fund balance section
D)reimbursement,in the revenue section

Question

Quizplus · Accepted Answer

A transfer received by the Debt Service Fund from the General Fund is reported as a "transfer in" in the other financing sources/uses section of the statement of revenues, expenditures, and changes in fund balances. This is because it is a source of financing for the Debt Service Fund, which is not generated from its own operations or other revenue sources, but rather transferred from another fund.

In the Statement of Revenues,expenditures,and Changes in Fund Balances,a Transfer