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Used to report all other trust arrangements under which the principal and income are held for the benefit of individuals, other governments and private organizations.Select one:a.Debt Service Fundsb.none of the choicesc.Private-Purpose Trust Fundsd.Agency Funds

Question

Used to report all other trust arrangements under which the principal and income are held for the benefit of individuals, other governments and private organizations.Select one:a.Debt Service Fundsb.none of the choicesc.Private-Purpose Trust Fundsd.Agency Funds

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Solution

The correct answer is c. Private-Purpose Trust Funds. These funds are used to report all other trust arrangements under which the principal and income are held for the benefit of individuals, other governments, and private organizations.

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