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Which trust fund has assets always equal to liabilities with never a fund balance. O a. Pension trust funds O b. debt service trust funds Oc. Investment trust funds O d. special revenue trust funds Oe. Private purpose trust funds Of. Agency trust funds O g. capital projects trust funds Oh. Internal service trust funds

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a. What is the difference between distributing property per capita and per stirpes?     When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?

What is the purpose of using the retained funds?

19 All capital assets acquired by or used by a fund should be reported in the fund balance sheet or statement of net position. True or False True False

A government grant related to should be

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What are types of activities are reported in Custodial Funds?

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Answer?

7-16. A successful businessperson in the community has contacted the Moose County Board of Commissioners about donating income-producing securities to the County to support a particular activity. Under the agreement, the County would be required to maintain the principal amount of the gift but could use the resulting earnings. The following events occurred in 2024: 1. Securities, which had an original cost of $4,250,000, were donated to the County on January 1. The fair value of the securities at that date was $5,846,000, including • Corporate equities of $2,830,000. • Corporate bonds of $3,000,000. • Accrued interest receivable on the bonds of $16,000. 2. During the year, the fund received $180,000 in interest payments on the bonds. At the end of the year, accrued interest on the bonds totaled $16,500. 3. During the year, the fund received dividends on the corporate equities of $76,500. 4. During the year, the fund paid $222,000 supporting activities identified in the trust agreement…

Ch4 5   Whenever a significant revenue source is restricted for a specific operating purpose, a special revenue fund should be established.   True or False   6   Which of the following should not be reported on the balance sheet of the General Fund?   Multiple Choice   Equipment.   Vouchers payable.   Tax anticipation notes payable.   Due from federal government.

Question 21 Which of the following is the best evidence of continuous ownership of property? a. Examination of canceled check in payment for the property. b. Examination of the deed. Oc. Examination of the title policy. Od. Examination of the client's property tax bills. 4

Describe the usefulness of a discretionary intervivos trust when used as part of an estate freeze.

QUESTION 4 Which of the following fund types does not report the payment of bond principal as an expenditure?   a. Special revenue fund   b. Enterprise fund   c. Debt service fund   d. General fund