Fiduciary Funds Account

A Fiduciary Funds Account is a government funds account for ...



References

2016

  • (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/fund_accounting#State_and_local_government_funds Retrieved:2016-1-7.
    • State and local governments use three broad categories of funds: governmental funds, proprietary funds and fiduciary funds.

      Fiduciary funds are used to account for assets held in trust by the government for the benefit of individuals or other entities.[1] The employee pension fund, created by the State of Maryland to provide retirement benefits for its employees, is an example of a fiduciary fund. Financial statements may further distinguish fiduciary funds as either trust or agency funds; a trust fund generally exists for a longer period of time than an agency fund.[2]

  1. Hay, p. 286
  2. Hay, p. 291

2007