A fund that is used to account for assets held by a government acting as agent for one or more other governments units or for individuals or private organizations is a(n):

Question

Quizplus · Accepted Answer

An agency fund is used to account for assets held by a government acting as an agent for other government units or private organizations. The government does not have ownership of these assets, and they are not available to support its programs or services. The assets are held in trust and must be used for the benefit of the designated individuals or organizations. The other options (B, C, and D) are all types of trust funds but do not specifically apply to assets held by a government acting as an agent.

A Fund That Is Used to Account for Assets Held