Which of the following funds is a governmental fund-type?
A) Private-purpose trust fund.
B) Internal service fund.
C) Permanent fund.
D) Enterprise fund.

Question

Quizplus · Accepted Answer

Permanent funds are governmental fund types used to account for resources that are restricted to the extent that only earnings, and not principal, may be used for purposes that support the reporting government's programs. Private-purpose trust funds, internal service funds, and enterprise funds are not considered governmental fund types.

Which of the Following Funds Is a Governmental Fund-Type