Question

Cash of $60,000 is transferred from the general fund to the debt service fund. What is reported on the government-wide financial statements? No reporting is made. Other Financing Sources increase by $60,000; Other Financing Uses increase by $60,000. Revenues increase by $60,000; Expenditures increase by $60,000. Revenues increase by $60,000; Expenses increase by $60,000.

Answer 1

No reporting is made on the government-wide financial statements.

Step-by-step explanation:

Cash of $60,000 transferred to the debt service fund from the general fund.

The transfer was noted completely within the Government Activities. Hence, there was no net change on the total amounts posted. A liability is posted on the government-wide financial statements. Also, such statements record economic resources.