Funds used to account for assets held by a government in a trust or agency capacity for others.Select one:a.Permanent Fundsb.Internal Service Fundsc.Agency Fundsd.None of the choicesClear my choice
Question
Funds used to account for assets held by a government in a trust or agency capacity for others.Select one:a.Permanent Fundsb.Internal Service Fundsc.Agency Fundsd.None of the choicesClear my choice
Solution
The correct answer is c. Agency Funds. Agency Funds are used to account for assets held by a government in a trust or agency capacity for others. These funds are purely custodial in nature (assets equal liabilities) and thus do not involve measurement of results of operations.
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