Final answer:
Trust fund account records must adhere to general accounting principles and include a regular statement and account of receipts and expenditures.
Step-by-step explanation:
Trust fund account records must be kept in line with general accounting principles and must include, at minimum, a regular statement and account of the receipts and expenditures of all public money. This includes ensuring that the records reflect accurate and transparent financial transactions, adhering to the principle of accountability where no money shall be drawn from the treasury without due legal appropriation.
A trust fund account may also necessitate the maintenance of other financial statements like a balance sheet which uses a T-account format to show assets and liabilities, and acknowledgement of transaction costs associated with the account.
Additionally, the records should also include information such as time deposit accounts which are committed to leaving money in the bank for a specific period of time in exchange for a higher interest rate, and transaction costs associated with finding lenders or borrowers. Finally, the records should incorporate the concept of a unit of account which is a common way of measuring market values in an economy.