Additions and Deductions are the terms used for classifying items on the statement of changes in fiduciary net position.
<h3>What is a Fiduciary?</h3>
A fiduciary is a person or organization that has a duty to uphold good faith and trust when acting in another person's best interests while working on their behalf. As a result, in order to be a fiduciary, one must have an ethical and legal duty to act in the other's best interests.
A fiduciary may be accountable for the general welfare of another (such as the legal guardian of a child). Still, frequently the duty involves handling money, such as controlling someone else's or a group of people's assets. Money managers, financial advisors, bankers, insurance agents, accountants, executors, board members, and corporate officers all have fiduciary obligations.
Therefore, the terms used for classifying items on the statement of changes in fiduciary net position are Additions and Deductions.
For more information on Fiduciary Duties refer to the given link:
brainly.com/question/27871841
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