What are the types of fiduciary funds?
Types of Fiduciary Funds
- Agency Funds.
- Investment Trust Funds.
- Pension and Employment Benefit Trust Funds.
- Private-Purpose Trust Funds.
What are the fiduciary funds?
According to the GAAFR (the Blue Book), fiduciary funds are “used to account for resources that a government holds as a trustee or agent on behalf of an outside party that cannot be used to support the government’s own programs.
Which of the following funds is a type of fiduciary funds?
The term “fiduciary funds” applies to: private-purpose trust, investment trust, pension trust and agency funds.
What are the 5 types of governmental funds?
Governmental funds are classified into five fund types: general, special revenue, capital projects, debt service, and permanent funds.
What are the three main types of governmental funds?
There are three major groups of government funds. These groups are governmental, proprietary, and fiduciary.
What fund category is custodial fund?
Fund Types and Accounting Principles
| 400 | Enterprise Funds |
|---|---|
| 610-619 | Pension (and Other Employee Benefit) Trust Funds |
| 620-629 | Private-Purpose Trust Funds |
| 630-698 | Custodial Funds |
| 699 | External Investment Pool Fund |
What are the two types of proprietary funds?
According to GAAFR (the Blue Book), proprietary funds are “used to account for activities that receive significant support from fees and charges.” There are two types of proprietary funds: enterprise funds and internal service funds.
What are the types of fund accounting?
There can be two types of fund one is restricted, and the other is unrestricted. The restricted fund is used for a particular purpose, but unrestricted funds can be used for any purpose or general-purpose. The non-profit organization uses the same standard as profit organization uses.
What are the four types of fiduciary funds and the function of each?
Types of Fiduciary Funds
Agency Funds. Investment Trust Funds. Pension and Employment Benefit Trust Funds. Private-Purpose Trust Funds.
What are the government fund types?
There are five main types of government funds, which includes the general fund, the capital projects fund, the permanent fund, the special revenue fund, and the debt service fund.