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4 years ago

Which financial statements must be reported for fiduciary funds?

Business

1 answer:

exis [7]4 years ago

5 0

Answer:

D. I and II only.

Explanation:

The fiduciary fund is an account with funds in which the financial statements are prepared for presenting and using the economic resources measurement focus and the accrual basis of accounting.

The required financial statements for a fiduciary fund are:

1)Statement of fiduciary net position

2)Statement of changes in fiduciary net position

The fiduciary fund could be classified as follows:

-Agency fund: is for reporting on resources which were held in a custodial capacity and where funds are received, temporarily invested, and remitted to other parties.

- Investment trust funds: is for reporting the external portion of an investment pool which is reported by the sponsoring government.

- Pension and employee benefit trust funds: are for reporting on assets held in trust for pension plans, other post-employment benefit plans, and employee benefit plans.

- Private-purpose trust funds: are for reporting on trust arrangements where the individuals, private organizations, and other governments are the beneficiaries.

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3 years ago

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3 years ago

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Equipment and vehicles.

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