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 to account for situations in which the government is acting as a collecting/disbursing agent. This typically involves funds collected from others that the government is holding temporarily until they are transferred to the rightful owner. The government is not the owner of these funds and therefore they are not reported in the government's financial statements.

The ______ Funds Are Used to Account for Situations in Which