Gov Accounting- Fiduciary Fund

Question 1

What are the key characteristics of a fiduciary fund?

Answer 1

SPACE
(SE)
PAPI
accrual accounting 
carry fixed assets and long-term debt
e- economic resource focused

Question 2

What are the fiduciary fund financial statements

Answer 2

1. statement of net position

2. statement of changes in net position

Question 3

What are the four accounts under fiduciary funds

Answer 3

1. Pension trust fund
2. Agency fund
3. Private purpose trust
4. Investment trust fund

Question 4

What is the pension trust fund?

Answer 4

government is a trustee for a pension plan

Question 5

What is an agency fund?

Answer 5

Government acts as an “agent” or custodian

Question 6

What is a private purpose trust fund

Answer 6

trust that benefits various individuals and entities

Question 7

What is an investment trust fund

Answer 7

Government is trustee over a series of investments