In an Agency Fund,assets Are Equal To

question 9

Multiple Choice

In an agency fund,assets are equal to:

• A) Liabilities + Net Position
• B) Net Position
• C) Liabilities
• D) There are no assets in an Agency Fund

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Definitions:

GAAP

A universally recognized set of rules and standards for financial reporting, applied within a specific legal territory, known as Generally Accepted Accounting Principles.

Income Statement

A financial report that provides a summary of a company's revenues, expenses, and profits/losses over a specific period of time.

Gross Profit

The financial metric representing the difference between revenue and the cost of goods sold, before deducting overheads, salaries, taxes, and interest payments.

Net Income

The net income of a company, which is the amount remaining after deducting all costs and taxes from its total revenue.