Assets that are held in an agency fund belong to the party or parties for which the government acts as agent; however,the government retains legal right of ownership in the event of party's bankruptcy.

Question

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In an agency fund, the government acts as a custodian or agent for the assets, which belong to the party or parties for whom the government is acting. The government does not retain legal ownership of these assets.

Assets That Are Held in an Agency Fund Belong to the Party