Pass-through grants are accounted for A. Only in Agency Funds. ...

[Jipu 123]

Pass-through grants are accounted for
 
  A. Only in Agency Funds.
  B. By increasing or decreasing governmental fund assets and liabilities to reflect the agency relationshipno revenues are reported in the governmental fund.
  C. As revenues and expenditures or expenses in the appropriate fund of the pass-through entity (primary recipient).
  D. As other financing sources and other financing uses in the appropriate fund of the pass-through entity (primary recipient).

Question 2

The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxingentities.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[bitingbit]

Answer to Question 1

C

Answer to Question 2

False

[Jipu 123]

TYSM

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