What is the distinction, as drawn by the GASB,

between a fiduciary fund and a permanent fund?

How should governments report permanent fund

and fiduciary fund balances and income in their

government-wide statements? Explain

Why do the balance sheets of agency funds contain

only assets and liabilities, but no fund balances? Why

is it often unclear whether the resources relating to a

particular activity should be accounted for in an agency

fund or a governmental fund?