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:

Wholesaling Functions

Activities involved in the sale of goods in large quantities for resale by retailers or other merchants, including distribution, storage, and price negotiation.

Outsourcing Functions

The practice of assigning certain business processes or tasks to external agencies or contractors instead of handling them internally.

Internet

A global network of interconnected computers and servers that enables the exchange of data, communication, and access to information.

Consumers

Individuals or organizations that use or intend to use goods and services generated within the economy, fulfilling their needs and desires.