Inter-fund activities are resources flows between fund entities. In a consolidated financial statement for a commercial entity, intercompany transactions are eliminated to report only the impact of transactions with external entities. Governmental accounting on the other hand, requires the separate maintenance and reporting of inter-fund items. The government body must approve any inter-fund transfers and transactions to provide a public record and to prevent misrepresentation of fund uses. GASB 34 establishes four types of inter-fund activities: (1) inter-fund loans; (2) inter-fund services provided and used; (3) inter-fund transfers; and (4) inter-fund reimbursements. The difference between an inter-fund services provided and used and an inter-fund transfers.

Question

Want to see the full answer?

Answer 1

Question

Chapter 17, Problem 17.12Q

To determine

Introduction: Inter-fund activities are resources flows between fund entities. In a consolidated financial statement for a commercial entity, intercompany transactions are eliminated to report only the impact of transactions with external entities. Governmental accounting on the other hand, requires the separate maintenance and reporting of inter-fund items. The government body must approve any inter-fund transfers and transactions to provide a public record and to prevent misrepresentation of fund uses.

GASB 34 establishes four types of inter-fund activities: (1) inter-fund loans; (2) inter-fund services provided and used; (3) inter-fund transfers; and (4) inter-fund reimbursements.

The difference between an inter-fund services provided and used and an inter-fund transfers.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Distinguish between Service Projects and Revenue Projects?

Explain the Service Projects versus Revenue Projects?

compute for the goodwill

Answer 2

Question

Chapter 17, Problem 17.12Q

To determine

Introduction: Inter-fund activities are resources flows between fund entities. In a consolidated financial statement for a commercial entity, intercompany transactions are eliminated to report only the impact of transactions with external entities. Governmental accounting on the other hand, requires the separate maintenance and reporting of inter-fund items. The government body must approve any inter-fund transfers and transactions to provide a public record and to prevent misrepresentation of fund uses.

GASB 34 establishes four types of inter-fund activities: (1) inter-fund loans; (2) inter-fund services provided and used; (3) inter-fund transfers; and (4) inter-fund reimbursements.

The difference between an inter-fund services provided and used and an inter-fund transfers.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 17, Problem 17.12Q

To determine

Introduction: Inter-fund activities are resources flows between fund entities. In a consolidated financial statement for a commercial entity, intercompany transactions are eliminated to report only the impact of transactions with external entities. Governmental accounting on the other hand, requires the separate maintenance and reporting of inter-fund items. The government body must approve any inter-fund transfers and transactions to provide a public record and to prevent misrepresentation of fund uses.

GASB 34 establishes four types of inter-fund activities: (1) inter-fund loans; (2) inter-fund services provided and used; (3) inter-fund transfers; and (4) inter-fund reimbursements.

The difference between an inter-fund services provided and used and an inter-fund transfers.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 17, Problem 17.12Q

To determine

Introduction: Inter-fund activities are resources flows between fund entities. In a consolidated financial statement for a commercial entity, intercompany transactions are eliminated to report only the impact of transactions with external entities. Governmental accounting on the other hand, requires the separate maintenance and reporting of inter-fund items. The government body must approve any inter-fund transfers and transactions to provide a public record and to prevent misrepresentation of fund uses.

GASB 34 establishes four types of inter-fund activities: (1) inter-fund loans; (2) inter-fund services provided and used; (3) inter-fund transfers; and (4) inter-fund reimbursements.

The difference between an inter-fund services provided and used and an inter-fund transfers.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 17, Problem 17.12Q

To determine

Introduction: Inter-fund activities are resources flows between fund entities. In a consolidated financial statement for a commercial entity, intercompany transactions are eliminated to report only the impact of transactions with external entities. Governmental accounting on the other hand, requires the separate maintenance and reporting of inter-fund items. The government body must approve any inter-fund transfers and transactions to provide a public record and to prevent misrepresentation of fund uses.

GASB 34 establishes four types of inter-fund activities: (1) inter-fund loans; (2) inter-fund services provided and used; (3) inter-fund transfers; and (4) inter-fund reimbursements.

The difference between an inter-fund services provided and used and an inter-fund transfers.

Answer 6

Chapter 17, Problem 17.12Q

To determine

Introduction: Inter-fund activities are resources flows between fund entities. In a consolidated financial statement for a commercial entity, intercompany transactions are eliminated to report only the impact of transactions with external entities. Governmental accounting on the other hand, requires the separate maintenance and reporting of inter-fund items. The government body must approve any inter-fund transfers and transactions to provide a public record and to prevent misrepresentation of fund uses.

GASB 34 establishes four types of inter-fund activities: (1) inter-fund loans; (2) inter-fund services provided and used; (3) inter-fund transfers; and (4) inter-fund reimbursements.

The difference between an inter-fund services provided and used and an inter-fund transfers.

Answer 7

Chapter 17, Problem 17.12Q

To determine

Introduction: Inter-fund activities are resources flows between fund entities. In a consolidated financial statement for a commercial entity, intercompany transactions are eliminated to report only the impact of transactions with external entities. Governmental accounting on the other hand, requires the separate maintenance and reporting of inter-fund items. The government body must approve any inter-fund transfers and transactions to provide a public record and to prevent misrepresentation of fund uses.

GASB 34 establishes four types of inter-fund activities: (1) inter-fund loans; (2) inter-fund services provided and used; (3) inter-fund transfers; and (4) inter-fund reimbursements.

The difference between an inter-fund services provided and used and an inter-fund transfers.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 17 - Prob. 17.1Q Ch. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4Q Ch. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6Q Ch. 17 - Prob. 17.7Q Ch. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Solution Summary: The author explains that inter-fund activities are resources flows between fund entities. Governmental accounting requires separate maintenance and reporting.

Concept explainers

Want to see the full answer?

Chapter 17 Solutions