Author Question: General Fund resources are provided to a Capital Projects Fund to finance a portion of a major ... (Read 62 times)

Zoey63294 · **on:** Jul 6, 2018

General Fund resources are provided to a Capital Projects Fund to finance a portion of a major capital project. The Capital Projects Fund is required to repay the resources that it received from the General Fund.

This transaction is an example of an interfund
A. Transfer.
B. Services provided and used transaction.
C. Reimbursement transaction.
D. Loan.

Question 2

Merchandise costing 2,500 FOB shipping point, terms 1/10, n/30, with prepaid transportation costs of 130, is purchased on account. If the bill is paid within ten days, the amount of the purchase discount is 26.30.
a. True
b. False
Indicate whether the statement is true or false