Question
Riverview City received a gift of $1 million. The sum is to be maintained as an endowment, with income used to preserve and improve the
Riverview City received a gift of $1 million. The sum is to be maintained as an endowment, with income used to preserve and improve the city's jogging trails. The $1 million should be reported in
a. a governmental fund
b. an agency fund
c. a fiduciary fund
d. a proprietary fund
Please explain why answer is governmental fund and not fiduciary fund (aka endowment fund)
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Financial Accounting
Authors: Pauline Weetman
6th Edition
0273789252, 978-0273789253
