Question

Which of the following transactions is reported on the government-wide financial statements? Multiple Choice An interfund loan from the General Fund to a special revenue fund. Equipment used by the General Fund is transferred to an internal service fund that predominantly serves departments that are engaged in governmental activities. The City Airport Fund, an enterprise fund, transfers a portion of boarding fees charged to passengers to the General Fund. An interfund transfer is made between the General Fund and the Debt Service Fund.

Answer 1

Answer:

The correct answer is the third option: The City Airport Fund, an enterprise fund, transfers a portion of boarding fees charged to passengers to the General Fund.

Explanation:

To begin with, the name of "government-wide financial statements" is refered to the type of statements that bring all the financial activity together in one single place with the purpose to report certain economic information so that the people in charge of certain things can go and see all that information in order to use as a tool for the decision making process when the case arise. Moreover, this type of statements are the ones who organized all that information depending on whether it comes from the activities done by the government or done by the companies and businesses of the nation.