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 a governmental unit that has no obligation to assume debt service on special assessment debt in the event property owners' default but that does perform the functions of billing property owners for the assessments, collecting installments of assessments and interest on the assessments, and paying from the collections interest and principal on the special assessment debt account for those activities in an agency fund.
C) Both of the above.
D) Neither of the above.