Which of the Following Statements Is not Correct with Respect

question 54

Multiple Choice

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

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

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Definitions:

Learned Needs Model

A theory suggesting that people's needs can be acquired or changed through experiences and interactions with the environment.

Herzberg's Motivator-Hygiene Model

A theory that suggests job satisfaction and dissatisfaction arise from two different sets of factors - satisfaction from motivating factors and dissatisfaction from hygiene factors.

Motivators

Factors that stimulate enthusiasm and energy in individuals to pursue a particular course of action or continue in their efforts to achieve a goal.

Job Characteristics Model

A framework that suggests the motivation, satisfaction, and performance of employees are influenced by specific job characteristics.