A General Fund receives an invoice from the Electric Utility Fund ...

[jilianpiloj]

A General Fund receives an invoice from the Electric Utility Fund (an Enterprise Fund) for electricity provided by the Utility Fund. When it receives the invoice, what account should be debited in the General Fund?
 
  a. due from electric utility fund
  b. transfer in from electric utility fund
  c. expenditures - utility services
  d. due to electric utility fund

Question 2

The terms profit and loss statement or operating statement are sometimes used as synonyms for the balance sheet.
 a. True
   b. False
   Indicate whether the statement is true or false

[bassamabas]

Answer to Question 1

c

Answer to Question 2

False

[jilianpiloj]

Excellent

[yeungji]

Thanks for the timely response, appreciate it