Which of the following statements is correct with respect to The Statement of Custodial Activity?
A) The statement is required only if the government agency collects nonexchange funds to be turned over to the Treasury.
B) Because the collecting entity cannot use the funds for its own activities, the activities are analogous to an agency fund of a state or local government.
C) Both a and b
D) Neither a nor b
Correct Answer:
Verified
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