Interfund transactions that would result in the recognition of revenues,expenditures,or expenses,if one of the parties were external to the government,should be reported as fund revenues,expenditures,or expenses.

Question

Quizplus · Accepted Answer

The GASB calls these transactions interfund services provided and used. The authors have coined the term internal exchange transactions to describe these transactions that should be reported as if one of the parties were external to the government.

Interfund Transactions That Would Result in the Recognition of Revenues,expenditures,or