An agency fund should be used to account for special assessment billing and collection,and related debt service of special assessment debt,if the government has no responsibility for the debt.

Question

Quizplus · Accepted Answer

An agency fund is used only to account for assets held by a government in a trustee capacity, with no responsibility for the use of the assets other than to ensure that they are used for the purposes intended. If the government has no responsibility for the debt, an agency fund is appropriate to account for the special assessment billing and collection, and related debt service of special assessment debt.

An Agency Fund Should Be Used to Account for Special