The account "Interfund Transfers In" would be classified in a General Fund statement of revenues, expenditures, and changes in fund balance as a(an):
A) Revenue.
B) Other financing use.
C) Other financing source.
D) Current liability.

Question

Quizplus · Accepted Answer

Interfund Transfers In are typically classified as Other Financing Source as it represents an inflow of resources into the General Fund from another fund. It is not considered revenue because it does not represent an increase in the fund's financial resources due to operating activities. It is also not considered a current liability because it does not represent an obligation to pay back funds received.

The Account "Interfund Transfers In" Would Be Classified in a General