Which of the Following Is True Regarding Agency Funds

question 132

Multiple Choice

Which of the following is true regarding agency funds?

• A) Agency funds report assets and liabilities, but not net assets, revenues or expenses.
• B) Agency funds are often used to account for property tax collections by county governments for other governments.
• C) Both of the above.
• D) Neither of the above.

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Definitions:

Business-oriented

An approach or mindset focused on achieving business objectives, often emphasizing efficiency, profitability, and market competitiveness.

Professional Profiles

Summaries or overviews of an individual's professional qualifications, achievements, and experiences, often featured on social media or networking platforms.

Capacity

The ability, power, or competence to undertake something or the maximum amount something can contain.

Repudiated

Refused to accept or be associated with; rejected or denied the validity or authority of something.