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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 government-wide financial statements.

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Answer #1

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Fiduciary funds are reported in the fund basis statements but not in the government-wide statements.

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