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Question(s) / Instruction(s):

43. (True or false - Fiduciary Fund items) State whether these statements are true or false. Discuss why the false statements are false. a. Pension Trust Funds use the modified accrual basis of accounting. b. The external portion of an investment pool should be reported in a Fiduciary Fund. c. Agency Funds are different from other Fiduciary Funds because Agency Funds have no liabilities; that is, the assets of Agency Funds are always equal to the equity of the Funds. d. A Private-Purpose Trust Fund is used when a donor provides resources to a state that the state can use for any purpose agreed upon by the governor and the legislature.

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