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
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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