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Which of the following is a true statement regarding fiduciary funds? 1) Investment trust funds account for the internal portion of an investment pool, when

Which of the following is a true statement regarding fiduciary funds?

1) Investment trust funds account for the internal portion of an investment pool, when a government is trustee for that pool.

2) Private-purpose trust funds account for resources that are administered by a government for the benefit of others, such as a fund that is held to distribute resources to local not-for-profit charities.

3) Both of the above

4) Neither of the above

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