ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 7, Problem 17.2EP

Which of the following would most likely be accounted for in an internal service fund?

  1. a.      The city pool.
  2. b.      The city’s investments, which are pooled with the county’s and the school district’s investments.
  3. c.       An asphalt plant used to supply the asphalt needed to resurface the city’s streets.
  4. d.      Proceeds from an endowment that are used to maintain the city’s library.
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The City of Barnes operates a central motor pool as an internal service fund for the benefit of the city's other funds and departments. In the current year, this fund billed the Parks Department $30,000 for vehicle rentals. If the Parks Department is a governmental fund, which account should the Parks Department use to record these billings? Interfund Transfers In.Interfund Exchanges.Expenditures.Cost of Rentals from Other Funds and Units.
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ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM

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