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State Whether These Statements Are True or False

Question 50

Matching

State whether these statements are true or false.Discuss why the false statements are false.

Premises:
Pension Trust Funds use the modified accrual basis of accounting.
Agency Funds are different from other Fiduciary Funds because Agency Funds have no liabilities;that is,the assets of Agency Funds are always equal to the equity of the Funds.
A Private-Purpose Trust Fund is used when a donor provides resources to a state that the state can use for any purpose agreed upon by the governor and the legislature.
The external portion of an investment pool should be reported in a Fiduciary Fund.
Responses:
True
False

Correct Answer:

Pension Trust Funds use the modified accrual basis of accounting.
Agency Funds are different from other Fiduciary Funds because Agency Funds have no liabilities;that is,the assets of Agency Funds are always equal to the equity of the Funds.
A Private-Purpose Trust Fund is used when a donor provides resources to a state that the state can use for any purpose agreed upon by the governor and the legislature.
The external portion of an investment pool should be reported in a Fiduciary Fund.
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