Agency funds report no revenues, expenses, or fund equity accounts.

Name: Agency funds report no revenues, expenses, or fund equity accounts.
Brand: Quizplus
Rating: 4.9 (50 reviews)

Question

Quizplus · Accepted Answer

Agency fund assets are offset by liabilities in equal amount; no fund equity exists. Agency fund assets and liabilities are to be recorded at the time the government become responsible for the assets. Agency funds are not included in the Statement of Changes in Net Position because they have no revenues additions or expenses deductions.

Agency Funds Report No Revenues, Expenses, or Fund Equity Accounts