Fund: Fund for colleges and universities are divided into three categories: Current Fund, Plant Fund and Trust & agency Fund. The day-to-day activities are recorded in the Current fund , which consists of two sub-funds; restricted and unrestricted funds. Plant fund accounts for capital assets and for resources to acquire additional capital assets. Trust & Agency Fund is used to account for assets held by the government entity in a trustee capital. To choose: Select the best option.

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Chapter 19, Problem 19.2.4P

To determine

Fund: Fund for colleges and universities are divided into three categories: Current Fund, Plant Fund and Trust & agency Fund.

The day-to-day activities are recorded in the Current fund, which consists of two sub-funds; restricted and unrestricted funds.

Plant fund accounts for capital assets and for resources to acquire additional capital assets.

Trust & Agency Fund is used to account for assets held by the government entity in a trustee capital.

To choose: Select the best option.

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