GASB has issued a proposed standard that would more clearly define fiduciary activities and change the categories of fiduciary f
unds. One of the issues the proposed standard is intended to address is the practice of some governments to classify activities as trusts when no trust agreement exists. Activities meeting the definition of fiduciary in nature but that lack a formal trust agreement will in the future be reported in a new category. What is the new category?a. Custodial fund.b. Non-custodial fund.c. Dedicated fund.e. Pass-through activities fund.
Custodial transaction and fund refers to the transaction, in which there is a beneficiary and a responsible. The responsible person manages the transactions of custodial account, and takes proper care of return and investment on such account.
This is basically an agency service as the person who is beneficiary is just depositing the amount top be invested which is then taken care of as an agent.
I think the correct answer from the choices listed above is the first option. <span>George is paid for holidays, sick days, vacation, personal days, and jury duty. These are his paid leave benefits. Hope this answers the question. Have a nice day.</span>
