A citizen establishes a $100,000 endowment fund with a county government. The earnings from the endowment are
Question:
A citizen establishes a $100,000 endowment fund with a county government. The earnings from the endowment are to be used to support study abroad for local high school students. Which type of fund should the government use to report this activity?
1. Permanent fund.
2. Private-purpose trust fund.
3. Investment trust fund.
4. Custodial fund.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamentals Of Governmental Accounting And Reporting
ISBN: 9781119736660
1st Edition
Authors: Bruce W. Chase
Question Posted: