Which of the following best summarizes the accounting equation for Agency Funds?

Question

Which of the following best summarizes the accounting equation for Agency Funds? Question 9 options: 1) assets - liabilities = net position. 2) assets = liabilities + net position. 3) assets = liabilities + opening net position + (revenues - expenditures). 4) assets = liabilities.
Which of the following best summarizes the accounting equation for Agency Funds? Which of the following best summarizes the accounting equation for Agency Funds? 1) assets - liabilities = net position. 2) assets = liabilities + net position. 3) assets = liabilities + opening net position + (revenues - expenditures). 4) assets = liabilities.
1) assets - liabilities = net position. 2) assets = liabilities + net position. 3) assets = liabilities + opening net position + (revenues - expenditures). 4) assets = liabilities.
1) assets - liabilities = net position. 2) assets = liabilities + net position. 3) assets = liabilities + opening net position + (revenues - expenditures). 4) assets = liabilities.

Explanation / Answer

3rd option

assets = liabilities + opening net position + (revenues - expenditures).

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