asked 117k views
4 votes
When an enterprise fund pays the General Fund an amount in lieu of taxes, the account to be credited in the General Fund is

a. Revenues
b. Operating Transfer in
c. Fund Balance - Unassigned
d. Cash

1 Answer

3 votes

Final answer:

In the General Fund, when an enterprise fund pays an amount in lieu of taxes, the credited account is Revenues, which represent the income similar to tax receipts for the government.

Step-by-step explanation:

When an enterprise fund pays the General Fund an amount in lieu of taxes, the account to be credited in the General Fund is Revenues. This is because these payments are seen as income for the General Fund, similar to tax receipts or other forms of governmental income. They help finance various government services and contribute to the overall fiscal health of the government entity.

Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.