Choice "D" is correct. Fiduciary funds include Private Purpose Funds. Fund structure is generally defined using the following framework / mnemonic (GRaSPP SE PAPI).
Governmental funds
| Proprietary funds
| Fiduciary funds
|
|---|
General | Internal Service | Pension |
Special Revenue | Enterprise | Agency |
Debt Service | | Private Purpose |
Capital Projects | | Investment Trust |
Permanent | | |
Choice "a" is incorrect. Special Revenue funds are governmental funds.Choice "c" is incorrect. Permanent funds are governmental funds.Choice "b" is incorrect. Internal service funds are proprietary funds.
