GASB 34 established four types of interfund activities.Interfund activities are recognized as revenue in a governmental fund for an:
A)Option A
B)Option B
C)Option C
D)Option D

Question

Quizplus · Accepted Answer

According to GASB 34, the four types of interfund activities are 1) services provided and used, 2) interfund loans receivable and payable, 3) interfund transfers, and 4) sales and purchases of goods and services. Of these, only the sales and purchases of goods and services are recognized as revenue in a governmental fund. Therefore, the correct choice is A.

GASB 34 Established Four Types of Interfund Activities