Listed immediately below are the four generic fiduciary funds. Following these are ten statements. Match each fund with the statement that best corresponds to each fund. No statement applies to more than one fund. 

Pension trust fund 

Private purpose trust fund 

Investment trust fund Custodial fund.

1. Used to account for fiduciary activities other than for pensions and external investment pools when a trust exists.

2. Does not require that a trust agreement exist 3. Allows smaller governments to tap special financial expertise of larger governments.

4. Assets in the fund benefit individuals and the government does not have administrative or direct financial involvement with the assets. 

5. Requires that a schedule of contributions be prepared.

6. Often used to account for property tax collections.
7. Must have outside governments participating in a pool.

8. Typically involves the services of an actuary.

9. Participants record their contributions in a "pool investment" asset account.

10. May be used to account for fiduciary activities that benefit individuals outside the government, such as a trust established by a private individual with the assets of the activity controlled by the government to help children in the community have school supplies.

Answer rating: 100% (QA)

1 Private purpose trust fund 2 Custodial fund 3 Investment trust fund 4 Pension trust fund 5 Pension ... View the full answer