An Agency Fund is used to account for debt service on special ...

[CQXA]

An Agency Fund is used to account for debt service on special assessment bonds
 
  A. That are not backed by the full faith and credit of the governmental unit.
  B. That are not backed by the full faith and credit of the governmental unit unless the government guarantees the indebtedness.
  C. On which the government is not obligated in any manner.
  D. With terms exceeding 10 years.

Question 2

The purchase of supplies on account was recorded and posted as a debit to Supplies for 500 and a credit toAccounts Receivable for 500 . The correcting entry would include a:
 a. credit to Accounts Receivable for 500 b. credit to Accounts Receivable for 1,000
  c. credit to Accounts Payable for 500 d. credit to Accounts Payable for 1,000

[upturnedfurball]

Answer to Question 1

C

Answer to Question 2

c

[CQXA]

YES! Correct, THANKS for helping me on my review

[nguyenhoanhat]

Thanks for the timely response, appreciate it