Discuss various situations in which a government has fiduciary responsibilities but does not report them in fiduciary funds.
Answer to relevant QuestionsTrust Funds and Agency Funds, though separate fund types, are treated in the same chapter in this text and are often spoken of collectively. In what ways are they similar, and how do they differ?What are other postemployment benefits (OPEB)? Explain how they are similar to and how they differ from traditional pension benefits.Prepare the journal entries to record the following transactions.1. A cash donation of $80,000 was received by James County. The donor stipulated that the resources were to be used solely for Carolyn City 4-H purposes.2. ...Prepare all journal entries that Hain Township should make to record the following transactions:1. A “payment in lieu of tax” of $300,000—computed at 10% of its operating income—was made from the Township’s ...Distinguish between governmental activities and business-type activities. Provide examples of each.
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