Which of the Following Is True Regarding Agency Funds

question 146

Multiple Choice

Which of the following is true regarding agency funds?

• A) Agency funds report assets and liabilities, but not net position, revenues or expenses.
• B) Agency funds are often used to account for property tax collections by county governments for other governments.
• C) Both of the above.
• D) Neither of the above.

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Definitions:

Abstract Thinking

The ability to think about objects, principles, and ideas that are not physically present.

Analytic Intelligence

Refers to the ability to analyze, evaluate, judge, compare, and contrast information, often considered one of the components of generalized intelligence.

Environmental Toxins

Harmful substances found in the environment, which can include pollutants, chemicals, and biological agents that negatively impact health.

Cognitive Development

Refers to the growth of mental capabilities and processes, including thinking, reasoning, problem-solving, and understanding the world around us.