An Internal Service Fund Uses Which of the Following

However GAAP permits internal service funds to be used for activities that provide goods and services to other funds or departments or other governments on the cost reimbursement basis. An internal service fund normally uses which of the following budgetary accounts from ACC 219 at Northern Virginia Community College.

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A debit to Due from General Fund.

. Code 500 - Internal Service Funds may be used to report any activity that provides goods or services to other funds departments or agencies of the government or to other governments on a cost-reimbursement basis. A debit to Billings to Department. Based on the following information calculate the price per trip that the Motor Pool Internal Service Fund needs to charge users during calendar year 2018 to break even.

The reporting government is the predominant participant in the activity. Arlington Town uses an Internal Service Fund to account for its motor pool activities. B Examples of internal service funds would include self-insurance funds motor pool funds and print shop funds.

The reporting government provides services primarily to other departments of the same government Internal service funds should be used only if A. A debit to Due to General Fund. An internal service fund normally does not use budgetary accounts.

Internal service funds should be used only if the reporting government is the predominant participant in the activity. 33 When a supplies internal service fund records a billing to the General Fund the journal entry in the internal service fund will include. Based on the following information calculate the price per trip that the Motor Pool Internal Service Fund needs to charge users during calendar year 2018 to break even.

Arlington Town uses an Internal Service Fund to account for its motor pool activities. The Motor Pool uses three 6-passenger vans each costing 45000 and each esilinaixxl ío have a 5-year. A Internal service funds use the economic resources measurement focus and accrual basis of accounting.

The Motor Pool uses two 6-passenger vans each costing 45000 and each. A debit to Inventory of Supplies. 39610 The use of internal service funds unless legally required is not required by the generally accepted accounting principles GAAP.

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