Which of the Following Statements Is Not Correct with Respect

question 33

Multiple Choice

Which of the following statements is not correct with respect to Agency Funds?

• A) Agency funds use modified accrual accounting
• B) Assets accounted for in an agency fund belong to the party or parties for which the government acts as agent.
• C) Assets are offset by an equal amount of liabilities.
• D) Assets and liabilities are recognized at the time the government becomes responsible for the assets.

---

Definitions:

Language Acquisition

The process by which humans acquire the capacity to perceive, produce, and use words to understand and communicate.

Hypothesis

A suggested theory developed from minimal evidence, serving as an initial point for more in-depth research.

Replication

The process of duplicating or reproducing a scientific study to verify its results.

High Blood Pressure

A condition in which the force of the blood against the artery walls is too high, often leading to health problems such as heart disease.