GASB standards require that interfund receivables and payables between governmental and business-type activities be presented as internal balances.

Question

Quizplus · Accepted Answer

GASB standards do require that interfund receivables and payables between different funds of the same government entity be presented as internal balances. However, receivables and payables between governmental and business-type activities should be presented as external balances.

GASB Standards Require That Interfund Receivables and Payables Between Governmental