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

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

Quizplus · Accepted Answer

GASB 34 established four types of interfund activities, which are: (1) interfund services provided and used; (2) interfund reimbursements; (3) interfund transfers; and (4) interfund loans. According to GASB 34, revenue generated by these activities should be recognized as revenue in the governmental fund for an "Option A" scenario.

GASB 34 Established Four Types of Interfund Activities