Author Question: The matching concept supports matching expenses with the related revenues. a. True b. False ... (Read 119 times)

sc00by25 · **on:** Jul 5, 2018

The matching concept supports matching expenses with the related revenues.
a. True
b. False

Indicate whether the statement is true or false

Question 2

A county uses an agency fund to collect property taxes for both itself and on behalf of the three municipalities within its borders. If the county collected 7,000 of municipal taxes during the month, what would be reported in the agency fund?

A. Revenues of 7,000.
B. Revenues of 7,000, offset by expenses of 7,000.
C. An increase in equity in the agency fund of 7,000.
D. An increase in assets of 7,000 and an increase in liabilities of 7,000.