Trust 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?
Answer to relevant QuestionsIn accounting for a Tax Agency Fund, why is it necessary to maintain records of taxes levied and collected for each taxing authority involved by year of levy?A trust indenture states that the principal (corpus) of the trust is to be maintained intact in perpetuity. Yet, although the governmental trustee did not violate the terms of the trust agreement—and it was not ...(a) Prepare general journal entries for the following transactions in the appropriate funds and General Capital Assets and General Long-Term Liabilities accounts of a county, the county school district, and a town within the ...Obtain copies of the GASB’s new statement on accounting for pension plans issued in 2012.a. Identify the key changes from current GAAP reporting requirements for pension trust funds.b. Select a government’s pension trust ...Distinguish general revenues from program revenues. Provide several examples of each.
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