Author Question: Which of the following activities of a state should be accounted for in an Agency Fund? a. a ... (Read 47 times)

Deast7027

  • Hero Member
  • *****
  • Posts: 538
Which of the following activities of a state should be accounted for in an Agency Fund?
 
  a. a lottery, wherein half the revenues is used for prizes and the other half is used for lottery operating expenses and to enhance revenues available for education purposes
  b. sales taxes collected on behalf of counties that elect to piggy-back their own sales tax onto the state sales tax, with the county portion to be remitted later to the counties
  c. contributions from the state and from local governments that will be invested and paid out to state and local government employees in the form of pension benefits
  d. highway taxes that will be used to finance improvements made to roads within the state

Question 2

The net income or loss for the year can be found on the work sheet as the balance item at the bottom of either the Balance Sheet columns or the Income Statement columns.
 a. True
   b. False
   Indicate whether the statement is true or false



batool

  • Sr. Member
  • ****
  • Posts: 320
Answer to Question 1

b

Answer to Question 2

True



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

There are more nerve cells in one human brain than there are stars in the Milky Way.

For a complete list of videos, visit our video library