Accounting And finance ACFN EXIT @accounting_exit_exam

Accounting And finance ACFN EXIT

21 Nov, 10:40

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Accounting And finance ACFN EXIT

15 Nov, 07:48

GASB Statement No. 34 requires agency fund assets and liabilities to
be recognized on the accrual basis. Revenues, expenditures, and expenses are not recognized in the accounts of agency funds, however

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Accounting And finance ACFN EXIT

15 Nov, 07:48

🥷Therefore, agency fund assets are offset by liabilities equal in amount; no fund equity exists.

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Accounting And finance ACFN EXIT

15 Nov, 07:48

🤖🪝Agency funds

are used to account for assets held by a governmental unit acting as agent for one or more other governmental units, or for individuals or private organizations.

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Accounting And finance ACFN EXIT

15 Nov, 07:10

Such public-purpose trusts should be accounted for as special revenue funds if the resources are expendable for the trust purpose.

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Accounting And finance ACFN EXIT

15 Nov, 07:09

Resources that are held in trust for the benefit of the government’s own programs or its citizenry
should be accounted for in a governmental fund rather than a fiduciary fund.

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Accounting And finance ACFN EXIT

15 Nov, 07:08

These private-purpose fiduciary activities are accounted
for in:
🪝 agency funds,
🪝 investment trust funds,
🪝private-purpose trust funds, and
🪝pension trust funds.

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Accounting And finance ACFN EXIT

15 Nov, 07:05

🧜 Fiduciary Funds

Fiduciary funds, under the GASB Statement No. 34 reporting mode, are used to account for only those
activities in which a governmental unit

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