(Answered) Complete the following questions in 90 to 175 words each1

Accounting

Complete the following questions in 90 to 175 words each:

1. Explain the distinction(s) between agency funds and trust funds. What financial statements are prepared for each?

2. Identify the different types of trust funds and explain the purpose of each type.

3. Describe the basic activities conducted by a tax agency fund. What are some of the issues that make tax agency fund accounting complex?

The responses will need to be free of plagarism.

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