Which of the Following Statements Is Not True Regarding Agency

question 31

Multiple Choice

Which of the following statements is not true regarding agency funds?

• A) Agency funds use modified accrual accounting.
• B) Agency funds have only assets and liabilities; no fund equities, revenues, or expenditures are recorded.
• C) Agency funds are reported in the fiduciary funds Statement of Fiduciary Net Assets.
• D) None of the above; all are true.

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Definitions:

IUPAC Name

The systematic naming of chemical compounds based on the rules established by the International Union of Pure and Applied Chemistry.

Wood Alcohol

Another term for methanol, a simple alcohol that is used as a solvent, antifreeze, or fuel, and is dangerous to consume.

Methanol

A simple alcohol with the formula CH3OH, used as a solvent, antifreeze, fuel, and as a feedstock in chemical synthesis.

IUPAC Name

The systematic naming of chemical compounds according to the rules set by the International Union of Pure and Applied Chemistry.