Why do the balance sheets of agency funds contain only

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Reference no: EM13485632

1.What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund?

2.How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain

3.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?

Reference no: EM13485632

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