Question
A government receives a donation of $300,000 to establish an endowment fund whose income is to be used to support scholarships for local high school
A government receives a donation of $300,000 to establish an endowment fund whose income is to be used to support scholarships for local high school students. The school district is not part of the government. The government should report this activity in which type of fund?
- Permanent Fund
- Private-Purpose Trust Fund
- Investment Trust Fund
- Agency Fund
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The Audit Process Principles Practice And Cases
Authors: Iain Gray, Stuart Manson
5th Edition
1408030497, 9781408030493
