What is the distinction between Private Purpose Trust Funds and Permanent Funds?
a. Private Purpose Trust Funds account on the modified accrual basis; Permanent Funds account on the full accrual basis
b. The beneficiaries of Private Purpose Trust Funds are outside the government; the beneficiaries of Permanent Funds are the reporting government or its citizenry
c. Private Purpose Trust Funds are governmental fund types; Permanent Funds are fiduciary fund types
d. Investments of Private Purpose Trust Funds are valued at cost; investments of Permanent Funds are valued at fair value
Question 2
The original cost of an asset added to its salvage value represents the depreciable cost of an asset.
a. True
b. False
Indicate whether the statement is true or false
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