ZuoTi.Pro
Question

is custodial fund a governmental fund, proprietory fund or fiduciary fund

is custodial fund a governmental fund, proprietory fund or fiduciary fund



business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Fiduciary Funds include investment trust funds, pension (and other employee benefit) trust funds, private-purpose trust funds, and custodial funds.

Hence Custodial fund is a fiduciary fund.

0 0
Add a comment
Know the answer?
Add Answer to:
is custodial fund a governmental fund, proprietory fund or fiduciary fund
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report...

    Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report a Statement of Fiduciary Net Position but not a Statement of Changes in Fiduciary Net Position. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. Fiduciary funds are reported in the fund basis statements and in a separate column in the...

  • Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and...

    Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and related interest and penalties were collected during the year for the taxing authorities shown below: Governments/Funds: Delinquent Taxes Interest and Penalties Total City of Smithville General Fund $ 387,201 $ 34,270 $ 421,471 Smithville CSD 722,650 57,810 780,460 Smith County 459,980 41,400 501,380 Smith County FPD 162,560 13,050 175,610 Total collected $1,732,391 $146,530 $1,878,921 Required: Record the collections of delinquent taxes and interest and...

  • 1. Which of the following funds would be reported as a fiduciary fund in Lancaster City’s...

    1. Which of the following funds would be reported as a fiduciary fund in Lancaster City’s financial statements? A. Special Revenues Fund. B. Permanent Fund. C. Private-purpose Trust Fund. D. Internal Services Fund 2. Which of the following funds of a governmental unit uses the modified accrual basis of accounting? A. Internal services fund. B. Enterprise funds. C. Special revenues funds. D. Non-expendable trust funds.

  • When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is...

    When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...

  • When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is...

    When governmental entities provide defined benefit pension plans to governmental employees, a pension trust fund is used by the governmental entity that is acting as a trustee on behalf of current and future retirees to manage the funds at the "plan" level. The pension trust fund reports liabilities on its Statement of Fiduciary Net Position that primarily are related to pension benefits currently due to retired employees. The statement does not report a long-term liability for an unfunded portion, if...

  • Utilizing the city of Jackson 2018 CAFR follow the instructions and answer the questions Custodial Funds....

    Utilizing the city of Jackson 2018 CAFR follow the instructions and answer the questions Custodial Funds. Note that depending on the CAFR fiscal year, agency funds rather than custodial funds may be reported. Does the government operate a tax custodial fund or participate in a tax custodial fund operated by another government? Does the government act as a custodian for owners of property within a special assessment district and for the creditors of those property owners? Does the government operate...

  • Even though each of the following funds involve a form of fiduciary responsibility, the fund that...

    Even though each of the following funds involve a form of fiduciary responsibility, the fund that is not reported as a fiduciary fund for GAAP reporting purposes is a(n) Investment Trust Fund. Permanent Fund. Private-purpose Trust Fund. Pension Trust Fund.

  • 1.) Which governmental fund must always be reported in a separate column in the governmental fund...

    1.) Which governmental fund must always be reported in a separate column in the governmental fund financial statements? Select one: a. Capital Projects Fund. b. Debt Service Fund. c. General Fund. d. Special Revenue Fund. 2.) Major fund reporting is required for which of the following fund types? Select one: a. Enterprise Funds. b. Internal Service Funds. c. Agency Funds. d. Private-Purpose Trust Funds.

  • Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds...

    Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...

  • 1) A state or local government’s change in fiduciary net position a) Must be reconciled with...

    1) A state or local government’s change in fiduciary net position a) Must be reconciled with the change in net position of governmental activities in the government-wide statement of activities. b) Must be reconciled with the change in net position in the government-wide statement of net position. c) Must be reconciled with the change in net position of business-type activities in the government-wide statement of activities. d) Cannot be reconciled with the government-wide statements. 2) Fiduciary fund financial statements report...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT