Budgets for funds that are held for other governmental units.Select one:a.enterprise fundb.pension fundc.agency fundd.general fund
Question
Budgets for funds that are held for other governmental units.Select one:a.enterprise fundb.pension fundc.agency fundd.general fund
Solution
The correct answer is c. Agency Fund. Agency funds are used to account for resources held by a governmental unit in a purely custodial capacity (assets equal liabilities). These funds are used when the government holds assets for others. For example, taxes collected by a county on behalf of a city or school district would be accounted for in an agency fund.
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