Which of the following funds is considered a Fiduciary Fund?
A) Debt Service Fund
B) Enterprise Fund
C) Internal Service Fund
D) Agency Fund

Question

Quizplus · Accepted Answer

An Agency Fund is considered a Fiduciary Fund as it is used to account for assets held by the government on behalf of other entities or individuals, such as taxes collected for a school district. The other options (Debt Service Fund, Enterprise Fund, Internal Service Fund) are all considered Proprietary Funds, which account for business-type activities of the government.

Which of the Following Funds Is Considered a Fiduciary Fund