Assume the General Fund borrows 50,000 from the Enterprise Fund. The interfund loan is scheduled to be paid back in five years. Which of the following statements properly characterize the reporting effects of this transaction on the General Fund?
a. The transaction will have no effect on General Fund fund balance.
b. The transaction will increase fund balance by 50,000
c. The interfund loan, though long-term, should be reported as a General Fund liability.
d. The interfund loan, because of its long-term nature, will not be reported as a General Fund liability.
e. Both items a and c.
f. Both items b and d.
Question 2
If a city receives notification of a grant award and the actual proceeds sixty days prior to the start of the grant period, the entry to record the grant in the Special Revenue Fund would be
A. A debit to grants receivable and a credit to grants revenue.
B. A debit to cash and a credit to grants revenue.
C. A debit to grants receivable and a credit to unearned revenue.
D. A debit to cash and a credit to unearned revenue.
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