Fund net position will not be found in…

Name: Fund net position will not be found in…
Brand: Quizplus
Rating: 4.8 (52 reviews)

Question

Quizplus · Accepted Answer

Agency funds are not included in the Statement of Changes in Net Position because they have no revenues additions) or expenses deductions). Agency funds use the accrual basis of accounting to measure assets and liabilities. Assets are offset by an equal amount of liabilities; therefore, there is no fund equity. Revenues and expenses are not recognized in the accounts.

Fund Net Position Will not Be Found In…