Which of the following is a reporting requirement for agency funds?
a) They should be reported in a statement of fiduciary net assets and a statement of changes in fiduciary net assets
b) Agency fund assets should equal liabilities in the statement of fiduciary net assets
c) An agency fund used as a clearing account should report as assets the amounts pertaining to the other funds
d) An agency fund should not be used as a clearing account
Answer: B
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