Which of the following best summarizes the accounting equation ...

[xroflmao]

Which of the following best summarizes the accounting equation for Agency Funds?
 
  a. assets - liabilities = net position
  b. assets = liabilities + net position
  c. assets = liabilities + opening net position + (revenues - expenditures)
  d. assets = liabilities

Question 2

The primary ledger containing all the balance sheet and income statement accounts is the
 a. general ledger
  b. creditors ledger
  c. customers ledger
  d. subsidiary ledger

[Zack0mack0101@yahoo.com]

Answer to Question 1

d

The following information pertains to questions 31 and 32
Bevo County levies a property tax of 10 million. Of this amount, 6 million pertains to the activities of Bevo County's General Fund, while the other 4 million pertains to and will be remitted to the 10 villages within the County. The County anticipates that it will collect the entire 10 million that has been levied.

Answer to Question 2

a

[xroflmao]

YES! Correct, THANKS for helping me on my review

[sarah_brady415]

Thanks for the timely response, appreciate it