Resources that are held in trust for the benefit of the government's own programs or its citizenry should be accounted for using a governmental fund rather than a fiduciary fund.

Question

Quizplus · Accepted Answer

Governmental funds are used to account for resources held in trust for the benefit of the government's own programs or its citizens, whereas fiduciary funds are used to account for resources held in trust for the benefit of individuals or organizations outside of the government. Therefore, resources that are held in trust for the government or its citizens should be accounted for using a governmental fund.

Resources That Are Held in Trust for the Benefit of the Government's