This type of fund is used to report escheat property.a.Internal Service Fundsb.Pension trust Fundsc.Private Purpose Trust Fundsd.Agency Funds
Question
This type of fund is used to report escheat property.a.Internal Service Fundsb.Pension trust Fundsc.Private Purpose Trust Fundsd.Agency Funds
Solution
The type of fund used to report escheat property is c. Private Purpose Trust Funds.
Escheat property refers to assets that have been transferred to the state after it has been determined that they are legally unclaimed by the owner. Private Purpose Trust Funds are used to report all other trust arrangements under which principal and income benefit individuals, private organizations, or other governments
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