ACCY161_Sp11_Notes14_Chpt08

ACCY161_Sp11_Notes14_Chpt08 - ACCY 161 Spring 2011 Chapter...

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ACCY 161 – Spring 2011 Chapter 8 Accounting for Fiduciary Funds ACCY161_Sp11_Notes14_Chpt08 Page 1 of 2 Fiduciary Funds I. A Few Comments 1. Agency relationship 2. Trustee relationship 3. No assets or liabilities of the reporting unit so not included in the government-wide statements. Why? 4. But operated by the primary government so included in the fund statements. Why?: 5. Revenue and expenses not used – additions and deductions shown below. Why? II. Agency Funds A. Organization and purpose 1. Used to hold funds on behalf of others (governmental units, other organizations, and individuals) on a custodial basis such as the County of Sacramento collecting property taxes for the Los Rios Community College District or the City of San Francisco collecting and fees and fines for the State of California. 2. Funds are usually disbursed on a regular basis and shortly after collection. 3. There are no net assets as all the funds held belong to others. Why? 4.
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ACCY161_Sp11_Notes14_Chpt08 - ACCY 161 Spring 2011 Chapter...

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