The Three Common Types of Responsibility Centers Are Referred to as Asset

question 26

True/False

The three common types of responsibility centers are referred to as asset centers, liabilities centers, and equity centers.

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Definitions:

General Revenues

Funds collected by governments from various sources used to finance general public services, without specific limitations on their use.

Old Age and Survivors Insurance

Old Age and Survivors Insurance is a federal program in the United States that provides retirement benefits and survivor benefits to eligible beneficiaries.

Disability Insurance

A type of insurance that offers income support to individuals who are unable to work due to a disability.

In-Kind Transfer Program

A form of assistance where goods and services are provided to those in need, rather than cash.