Multiple Choice
Which of the following statements is not true regarding agency funds?
A) Agency funds use modified accrual accounting.
B) Agency funds have only assets and liabilities; no fund equities, revenues, or expenditures are recorded.
C) Agency funds are reported in the fiduciary funds Statement of Fiduciary Net Assets.
D) None of the above; all are true.
Correct Answer:
Verified
Correct Answer:
Verified
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