Inactive Bank Accounts That Revert to the State After a Period

question 34

Multiple Choice

Inactive bank accounts that revert to the state after a period of time should be

• A) Reported at their full fair value as liabilities of the government.
• B) Recognized as revenue-net of any amounts expected to be claimed by heirs.
• C) Reported as unearned revenue.
• D) Reported in a special revenue fund.

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Definitions:

Acceptable Name

An alternative name for a chemical compound that is recognized in scientific literature aside from its systematic or IUPAC name.

Compound

A material created by the chemical combination of two or more elements bonded together.

Name

A term or set of terms by which a particular concept or object is identified.

Compound

A compound consisting of two or more elements combined in a precise ratio through chemical bonds.