Funds used to account for resources held by government units in a purely custodial capacity.Select one:a.Internal Service Fundsb.Permanent Fundsc.Enterprise Fundsd.Agency Funds
Question
Funds used to account for resources held by government units in a purely custodial capacity.Select one:a.Internal Service Fundsb.Permanent Fundsc.Enterprise Fundsd.Agency Funds
Solution
The correct answer is d. Agency Funds. These funds are used to account for resources held by a government unit but belong to individuals, private organizations, or other governments and are therefore held in a purely custodial capacity (assets equal liabilities).
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