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1. Which of the following is true regarding fiduciary funds? a.Fiduciary funds are reported in the...

1. Which of the following is true regarding fiduciary funds?

a.Fiduciary funds are reported in the fiduciary fund financial statements but not in the government-wide financial statements.

b.Custodial funds should present both a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position.

c. Both are true

d. Neither are true

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Answer #1

Dear student...answer is a since

a.Fiduciary funds are reported in the fiduciary fund financial statements but not in the government-wide financial statements. is true

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