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Author Question: What is the distinction between Private Purpose Trust Funds and Permanent Funds? a. Private ... (Read 73 times)

Capo

  • Hero Member
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  • Posts: 545
on: Jul 5, 2018
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


jackie

  • Sr. Member
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  • Posts: 324
Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

False


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