In which journal would an adjustment for an overcharge by a creditor be recorded?
a. general journal
b. purchases journal
c. cash payments journal
d. cash receipts journal
Question 2
An Internal Service Fund (ISF) provided services to two agencies financed by the General Fund -- the Tax Department (which it billed 200,000) and the Comptroller's Office (which it billed 100,000).
In the fund financial statements, the ISF reported a loss of 30,000 . How should this information be reported in the government-wide statement of activities?
a. Under business-type activities, in a separate line captioned ISF, revenues of 300,000, expenses of 330,000, and net expenses of (30,000) should be reported
b. Under governmental-type activities, in a separate line captioned ISF, revenues of300,000, expenses of 330,000, and net expenses of (30,000) should be reported
c. ISF activities should not be reported, but expenses reported for the Tax Department and the Comptroller's Office should be increased by 20,000 and 10,000, respectively
d. ISF activities should not be reported, but expenses reported for the Tax Department and the Comptroller's Office should be reduced by 20,000 and 10,000, respectively
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