Which of the following is a distinguishing characteristic of the resources accounted for in fiduciary funds?
A)They must be held intact in perpetuity.
B)They are generally held for very short periods of time.
C)They are used only to support programs of the governmental entity having custody of the resources.
D)They are not used to support programs of the governmental entity having custody of the resources.

Question

Quizplus · Accepted Answer

Fiduciary funds are used to hold resources that the government is holding in trust for others or to handle resources that are restricted to specific purposes. These resources are not used to support programs or operations of the governmental entity that has custody of the resources. Therefore, option D is the correct distinguishing characteristic.

Which of the Following Is a Distinguishing Characteristic of the Resources