Specific transactions and events
Area 3: State and Local Government Concepts (10-20%)
Your Progress
0 of 67 questions attempted
Topics
- Interfund transactions and transfers
- Non-exchange transactions and derived revenues
Lessons
Study Frameworks
Interfund Transaction Types
| Type | Category | Account Titles | Example | Government-Wide Treatment |
|---|---|---|---|---|
| Interfund loan (short-term) | Reciprocal | Due from / Due to other funds | General Fund lends $100K to Capital Projects Fund for 6 months | Eliminated (both funds in governmental activities) |
| Interfund loan (long-term) | Reciprocal | Advance to / Advance from other funds; nonspendable fund balance in lending fund | General Fund lends $500K to Enterprise Fund, repayable in 5 years | Reported as internal balances if between governmental and business-type |
| Interfund services provided/used | Reciprocal | Revenue (providing fund) / Expenditure or expense (receiving fund) | Internal Service Fund charges General Fund $80K for fleet maintenance at fair value | Not eliminated (legitimate operating cost at fair value) |
| Interfund transfer | Nonreciprocal | Transfer out (other financing uses) / Transfer in (other financing sources) | General Fund transfers $1M to Debt Service Fund for annual debt payments | Eliminated between governmental funds; reported as transfers between governmental and business-type |
| Interfund reimbursement | Nonreciprocal | Reduces expenditure in reimbursed fund / Records expenditure in correct fund | General Fund paid $10K in supplies that should be charged to Special Revenue Fund | Not separately reported (reclassification only) |