Essay
Identify the fund type of the fund being described.
1.A fund used to account for the external portion of investment pools reported by the sponsoring government.
2.A fund used to account for resources that are legally restricted to use of the earnings only for government programs or activities.
3.A fund used to account for resources used to pay for a new stadium.
4.A fund used to account for local taxes withheld on behalf of another county.
5.A fund used to account for resources used to pay interest on a long-term bond issue.
6.A fund used to account for specific revenues that are restricted in use.
7.A fund used to account for the local swimming pool that is owned by the city and used by residents for a membership fee.
8.A fund used to account for the centralized data processing services of the state government.
9.A fund used to account for all funds except those required to be accounted for in another fund.
10.A fund that accounts for government pension plans if the government is the trustee.
Correct Answer:

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1.Investment trust fund
2.Permanent fund...View Answer
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Correct Answer:
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2.Permanent fund...
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