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Government Accounting - Fiduciary Funds

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This is a broad overview of government accounting for purposes of preparing for the FAR section of the CPA Exam.

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  • 1. Fiduciary Funds

2. Basis of AccountingModified Accrual 3. TypesAgencyPensionInvestmentPrivate Purpose Trust Funds 4. Agency FundThe Government Holds Assets For Another Party 5. Agency FundAssets = Liabilities 6. Agency FundNo RevenueNo ExpendituresNo Fund Balance 7. Private Purpose TrustSimilar to Permanent FundBUT...Benefits Third Parties 8. Private Purpose Trust...Benefits Small GroupsNot the Public or the Government


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