Which of the Fiduciary Funds listed below is used to account for the assets held by a government acting as an agent for one or more other governmental units?

Question

Quizplus · Accepted Answer

Agency funds are used to account for situations in which the government is acting as a collecting/disbursing agent. Assets accounted for in an agency fund belong to the party or parties for which the government acts as agent. Agency fund assets are offset by liabilities in equal amount; no fund equity exists. Agency fund assets and liabilities are to be recorded at the time the government become responsible for the assets.

Which of the Fiduciary Funds Listed Below Is Used to Account