What is the distinction between Private Purpose Trust Funds and Permanent Funds?
a. Private Purpose Trust Funds account on the modified accrual basis; Permanent Funds account on the full accrual basis
b. The beneficiaries of Private Purpose Trust Funds are "outside" the government; the beneficiaries of Permanent Funds are the reporting government or its citizenry
c. Private Purpose Trust Funds are governmental fund types; Permanent Funds are fiduciary fund types
d. Investments of Private Purpose Trust Funds are valued at cost; investments of Permanent Funds are valued at fair value