ACCT 567 Fiduciary Funds Discussions

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ACCT 567 Fiduciary Funds Discussions
Discuss various situations in which a government has fiduciary responsibility…

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ACCT 567 Fiduciary Funds Discussions

ACCT 567 Fiduciary Funds Discussions

Week 5 – All Students Posts 35 Pages

Discuss various situations in which a government has fiduciary responsibility but does not report them in fiduciary funds.  Fiduciary relationships are very common in business and law. Let’s begin by defining a fiduciary and a fiduciary relationship. Can you give some examples of each? How does a trust fund differ from an agency fund? Why does an agency fund not recognize revenues, expenses and equity? What is a tax agency fund and what are some issues that complicate accounting for tax agency funds?…