Which of the following is NOT true of agency funds?
A) Governments use them to account for resources held as trustee or agent for another government, fund, not-for-profit entity, or individual.
B) They are required to use a modified accrual basis of accounting.
C) They have no operations and therefore are not required to prepare financial statements.
D) Agency fund assets are always offset by liabilities.
Correct Answer:
Verified
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