Fiduciary Funds Are to Account for Assets Held in a Trustee

question 16

True/False

Fiduciary funds are to account for assets held in a trustee or agency capacity on behalf of others internal to the governmental entity.

---

Definitions:

Co-Ownership

A legal status where two or more individuals share ownership rights in a property or asset.

General Partnership

A business structure where two or more individuals own and operate a business in partnership with each other, sharing both profits and liabilities.

Federal Income Tax

A tax levied by the United States federal government on the annual income of individuals, corporations, trusts, and other legal entities.

Limited Life

A concept referring to assets or entities that are not expected to operate indefinitely, having a defined period of effectiveness or existence.