Author Question: The General Fund paid 4,000 to the Internal Service Fund for services rendered. Which of the ... (Read 83 times)

clippers! · **on:** Jul 6, 2018

The General Fund paid 4,000 to the Internal Service Fund for services rendered. Which of the following statements accurately reflects the reporting effects of the transaction?

a. The Internal Service Fund will report revenues of 4,000
b. The Internal Service Fund will report a cash flow from operating activities on its statement of cash flows.
c. The Internal Service will report a transfer in of 4,000
d. Both items a and b.
e. Both items b and c.

Question 2

Debts owed by a business are referred to as
a. accounts receivables
b. expenses
c. owner's equity
d. liabilities