A county collects property taxes not only for itself, but also on behalf of all cities within the county. What type of fund should the county use to account for the property taxes held for the cities?
A) Private Purpose Trust Fund
B) Custodial Fund
C) Special Revenue Fund
D) Investment Trust Fund
Correct Answer:
Verified
Q20: Governmental accounting normally
A) Uses separate funds to
Q21: The broad categories of funds used in
Q22: The General Fund levies property taxes in
Q23: A General Fund has total liabilities in
Q24: Which of the following is the appropriate
Q26: Which of the following is a characteristic
Q27: A city establishes a fund to accumulate
Q28: A small village maintains a General Fund,
Q29: A large city uses certain governmental-type funds
Q30: Indicate which fund or funds would
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents