Multiple Choice
A city establishes a fund to accumulate resources that will be used to provide a college education to the children of police or fire personnel who die as a result of job-related activities. The resources are placed in a trust in which the assets are protected from the government's creditors. Which of the following funds should be used to account for this activity?
A) Permanent Fund
B) Custodial fund
C) Private-Purpose Trust Fund
D) Pension (and other employee benefit) Trust Fund
E) General Fund
Correct Answer:
Verified
Correct Answer:
Verified
Q1: The required financial statements for fiduciary type
Q2: All funds report both financial assets and
Q4: Enterprise Funds use a different basis of
Q5: The broad categories of funds used in
Q6: Which of the following is the appropriate
Q7: It is not possible for expenditures of
Q8: Indicate which fund or funds would
Q9: A small village maintains a General Fund,
Q10: Under the modified accrual basis of accounting,
Q11: Assets of governmental-type funds include cash and