Federal agencies that are required to report a Statement of Custodial Activity have transactions that are similar to which fund type of a state or local government?

Question

Quizplus · Accepted Answer

Federal agencies that report a Statement of Custodial Activity are holding funds on behalf of others, similar to how agency funds in state or local governments hold resources on behalf of others, such as taxes collected by a government to be remitted to school districts. Therefore, the correct answer is D) Agency funds.

Federal Agencies That Are Required to Report a Statement of Custodial