Which of the Following Statements About Agency Funds Is True

Multiple Choice

Which of the following statements about agency funds is true?

A) An agency relationship that usually results in the creation of an agency fund is the collection of taxes and other revenues by an official of one governmental unit for other governmental units.
B) GASB mandates that governments report special assessment resources in an agency fund only if the reporting government has no obligation to assume debt service on special assessment debt in the event property owners' default but merely perform the functions of billing and collecting the special assessments and paying interest and principal on the special assessment debt.
C) Both of the above.
D) Neither of the above.