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Fiduciary funds are accounted for in a manner similar to which of the following funds? Permanent...

Fiduciary funds are accounted for in a manner similar to which of the following funds?

  1. Permanent funds
  2. Special revenue funds
  3. Enterprise funds
  4. Debt service funds

Solutions

Expert Solution

Fudiciary funds are funds which are held by government on the behalf of trust or held as custody on behalf of others.

Permanent funds are funds which are held by government permanently for certain activities of government.

Special revenue fund are special fund set-up by government to complete specify project of the government.

Enterprise funds are funds based on the business activity of the government. It is set-up based on government business on collecting a fee or providing goods.

A debt service fund is separate account maintain in order for government to repay its interest and principal payments.

Fudiciary funds are accounted similar to proprietary funds. Proprietary funds are is business like fund and accounted based on the business carried by government. Proprietary funds are classified as enterprise fund and internal service fund.

In the give option fudiciary funds are therefore accounted similar to enterprise funds

jeff jeffy answered 2 years ago
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