Question

If special assessment receivables are recorded in the accounts of an agency fund, the appropriate account(s) to credit is(are):

a. Due to Special Assessment Bondholders.
b. Contributions to Net Position.
c. Interfund Transfers In.
d. Revenues and Deferred Revenues.

Answer 1

The appropriate account(s) to credit when special assessment receivables are recorded in an agency fund is revenues and deferred revenues.

Step-by-step explanation:

The appropriate account(s) to credit when special assessment receivables are recorded in the accounts of an agency fund is d. Revenues and Deferred Revenues.

Special assessment receivables represent amounts due to the agency fund from individuals or entities for special assessments, which are fees or charges for improvements to property. Since these receivables are recorded as revenues, it is appropriate to credit the Revenues and Deferred Revenues account when they are recorded.