An Internal Service Fund would report which of the following items on its balance sheet a. Reserved fund balance b. Unre...
An Internal Service Fund would report which of the following items on its balance sheet
a. Reserved fund balance
b. Unrestricted net assets
c. Designated fund balance
d. Capital contributions
Homework Answers
Answer -
Step - (1) - Information Given -
An Internal Service Fund would report which of the following items on its balance sheet
- Option - (a) - Reserved fund balance
- Option - (b) - Unrestricted net assets
- Option - (c) - Designated fund balance
- Option - (d) - Capital contributions
.
Step - ( 2 ) - Analysis and Conclusion -
Internal Service Fund is used to account for and report any activity that provides goods or services to other funds, departments, or agencies of the primary government and its component units, on a cost-reimbursement basis.
An Internal Service Fund reports Unrestricted net assets on its balance sheet.
Therefore, Option - (b), is Correct.
Add Answer to:
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