alleryStart learning →Money held only to pay out as the donor directs, with no discretion. Which fund?
AGeneral fund
BPlant fund
CAgency fund
DTrading fund
Answer & Solution
Correct answer: C. Agency fund
Agency or custodian funds hold resources before disbursal under the donor's instructions, and the organisation has little or no discretion.
Keep practising Financial Statements of Not-for-Profit Organisations
Browse all Financial Statements of Not-for-Profit Organisations questions for CA Foundation, or explore more Accounting topics.
Related questions
Compared with a balance sheet, an income statement represents what?In a statement of activities, revenues and expenses are further categorised by what?Charitable organizations that publish financial statements produce which statement in placWhat fraction of members must decide for a society to be dissolved voluntarily under SectiWhere is a society's memorandum filed under the 1860 Act?Under the Societies Registration Act, 1860, what is the minimum number of people needed toAn accrued expense is a liability for goods or services that were?Accrued revenue refers to income that is?