Question

Federal agencies which are required to report a Statement of Custodial Activity have transactions which are similar to which fund type of a state or local government? Question 4 options: Internal service funds Capital projects funds Agency funds Permanent funds

Answer 1

Agency funds

Step-by-step explanation:

A state agency funds' main function is to serve as custodial of funds. Their activities are related to accounting the assets held by the state that belong to individuals, private organizations or other government entities. They function in a similar manner as fiduciary funds do.