Which of the following is correct regarding Government Trust Accounting?
A. Trust funds accounted for in a permanent fund use accrual accounting.
B. The journal entry to establish a permanent fund would include a credit to Restricted Fund Balance.
C. If a trust is to benefit individuals, private organizations, or other governments, it may be accounted for in a permanent or special revenue fund, depending upon whether the principal must be maintained.
D. If a trust is to benefit individuals, private organizations, or other governments, it should be accounted for in a private-purpose trust fund.
Answer: D
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