What is the distinction between Private Purpose Trust Funds and ...

[Capo]

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]

Answer to Question 1

b

Answer to Question 2

False