If Special Assessment Receivables Are Recorded in the Accounts of an Agency

question 16

Multiple Choice

If special assessment receivables are recorded in the accounts of an agency fund,the appropriate account(s) to credit is (are) :

• A)Contributions to Net Assets.
• B)Revenues and Deferred Revenues.
• C)Due to Special Assessment Bondholders.
• D)Interfund Transfers In.

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Definitions:

Liable

Obligated by law.

Contract

A formal or legally binding agreement between two or more parties that outlines obligations, rights, and terms governing a particular arrangement.

Partnership

An authorized business entity formed by two or more persons, sharing both the management duties and the earnings.

Winding Up Partners

The process of settling the accounts and liquidating the assets of a partnership for the purpose of dissolving the partnership.