Multiple Choice
Which of the following statements is not correct with respect to Agency Funds?
A) Agency funds use modified accrual accounting
B) Assets accounted for in an agency fund belong to the party or parties for which the government acts as agent.
C) Assets are offset by an equal amount of liabilities.
D) Assets and liabilities are recognized at the time the government becomes responsible for the assets.
Correct Answer:
Verified
Correct Answer:
Verified
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