Assets held in trust for other governmental funds or for purposes of the governmental unit would be reported as special revenue funds if expendable.

Question

Quizplus · Accepted Answer

Assets held in trust for other governmental funds or for specific purposes of the governmental unit are reported in a special revenue fund if the assets are expendable (meaning they can be used). This is because special revenue funds are used to report and account for specific revenue sources that are restricted or committed to a specific purpose.

Assets Held in Trust for Other Governmental Funds or for Purposes