Fiduciary Funds Are Used to Account for Assets Held by a Government

question 93

True/False

Fiduciary funds are used to account for assets held by a government acting as a trustee or agent for entities external to the governmental unit, including individuals, organizations, and other governmental units. For this reason, fiduciary funds are often identified in governmental financial reports as Trust and Agency Funds.

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Definitions:

Mail and Wire Fraud

Federal crimes involving the use of postal or electronic communications to carry out fraudulent schemes.

Evidence

Information or materials presented to prove or disprove alleged facts in a legal proceeding.

Guilt

A feeling of responsibility or remorse for some offense, crime, wrong, etc., whether real or imagined.

Improperly

In a manner that is not suitable, correct, or appropriate according to standards or rules.