Complete the following questions in Ch. 8 in in 90 to 175 words each:
- 8-3 on p. 339
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|8-1.||Explain the distinction(s) between agency funds and trust funds. What financial statements are prepared for each?|
|8-2.||Identify the different types of trust funds and explain the purpose of each type.|
|8-3.||Describe the basic activities conducted by a tax agency fund. What are some of the issues that make tax agency fund accounting complex?|
Exercises and Problems
|4-15||Examine the CAFR. Utilizing the comprehensive annual financial report obtained for Exercise 1-16, follow these instructions.