The ______ Funds are used to account for situations in which the government is acting as a collecting/disbursing agent.
A) Special revenue
B) General
C) Enterprise
D) Agency

Question

Quizplus · Accepted Answer

The Agency Funds are used when the government is acting as a collecting or disbursing agent for someone else, such as property tax collections on behalf of a school district. The other fund types listed are used for different purposes. Special Revenue Funds are used for specific revenue sources like gasoline taxes, enterprise funds are used for self-sustaining government activities like water or electric utilities, and the General Fund is used for general government operations.

The ______ Funds Are Used to Account for Situations in Which