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Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each...

Exercise 18-2

The following transactions take place. Indicate the name of the fund(s) in which each of the transactions or events should be recorded.

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(a)
A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies.

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General Fund
Agency Funds
Special Revenue Funds
Enterprise Funds
Pension and Other Employee Benefit Trust Funds
Permanent Funds
Capital Projects Funds
Investment Trust Funds
Private-Purpose Trust Funds
Debt Service Funds
Internal Service Funds
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Answer #1

Answer is agency fund.

Agency fund includes funds that one government agency holds funds for another government agency. This is also known as encomburance activity. Agency funds are used to report resources held by the agency in a purely custodial capacity (assets held for others that cannot be used to support thea own programs). In the given transaction, commitment was made to transfer the general revenue to the another entity in charge of providing transportation for all government agencies. Therefore, there includes a agency relationship. Hence, it is an agency fund.

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