Gov't and Not 4 prof

Question 1

A municipality that uses modified accrual and encumbrance accounting would use which of the following funds to account for agency fund cash?

Answer 1

A fiduciary fund, Pension trust funds, investment trust funds, and private-purpose trust funds

Question 2

Which of the following activities should be excluded when governmental fund financial statements are converted to government-wide financial statements?

Answer 2

Fiduciary activities