The owner's capital account in the last two columns of the work sheet is not up-to-date because it does not yet include net income and withdrawals of the current period.
a. True
b. False
Indicate whether the statement is true or false
Question 2
How should Internal Service Fund (ISF) activities be reported in the government-wide statement of activities?
a. ISF activities should be reported in a separate column
b. ISF activities should be included in the column headed business-type activities.
c. ISF activities should be included in the column headed governmental-type activities.
d. ISF activities (revenues and expenses) should be eliminated and interfund profits or losses should be eliminated by decreasing or increasing the costs of the activities that were billed
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