A statement of revenues, expenses, and changes in fund net position for an internal service fund is similar in many respects to an income statement prepared for a commercial business.

Question

Quizplus · Accepted Answer

A statement of revenues, expenses, and changes in fund net position for an internal service fund is similar to an income statement prepared for a commercial business as it provides information on the financial performance of the fund over a particular period, including its revenues, expenses, and the resulting change in net position.

A Statement of Revenues, Expenses, and Changes in Fund Net