define Fiduciary: agency
define Fiduciary: agency
Homework Answers
An agency is referred to as “Fiduciary” when a relationship is based on trust and confidence with one or more number of parties. Fiduciary may be an individual or legal entity such as bank, credit union, etc. who represents the principal. The actions of fiduciary are liable to legal obligations. The five obligations of fiduciary include loyalty, performance, notification, accounting, and obedience. It is a responsibility of fiduciary to take care of money and assets of the principal. The example of fiduciary relationship includes attorney and client, broker and client and so on.
Which of the following is true regarding fiduciary funds? rev: 02_18_2019_QC_CS-159267 Multiple Choice Agency funds would...
Which of the following is true regarding fiduciary funds? rev: 02_18_2019_QC_CS-159267 Multiple Choice Agency funds would be reported in both the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. 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 and in a separate...
From the ethics lecture, what was meant by “fiduciary”? Define in 1-3 sentences and give an...
From the ethics lecture, what was meant by “fiduciary”? Define in 1-3 sentences and give an example.
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...
Define agency costs and discuss two ways in which these costs affect the value of a...
Define agency costs and discuss two ways in which these costs affect the value of a business How does the concept of agency costs apply to the issue of Assignment of Benefits (AOB)?
The term "fiduciary funds" applies to: Multiple Choice enterprise, internal service, and private-purpose trust funds. private-purpose...
The term "fiduciary funds" applies to: Multiple Choice enterprise, internal service, and private-purpose trust funds. private-purpose trust, investment trust, pension trust and agency funds. enterprise and internal service funds. pension, investment trust and enterprise funds.
How would you define "efficiency" for a public agency? Would it be the same definition for...
How would you define "efficiency" for a public agency? Would it be the same definition for public works as it would be for public safety?
Define and describe each of the following Bureaucracy Administrative agency Civil service reform act Merit system...
Define and describe each of the following Bureaucracy Administrative agency Civil service reform act Merit system Spoils system Independent executive agency Independent regulatory commission Regulations Government Corporations Regulating commerce Hatch Ac
Agency is a legal term of art that refers to the relationship between a principal and...
Agency is a legal term of art that refers to the relationship between a principal and an agent. An agency relationship is a fiduciary relationship, where one person (called the “principal”) allows an agent to act on his or her behalf. The agent is subject to the principal’s control and must consent to her instructions. Classic examples of agency relationships include employer/employee, lawyer/client, and corporation/officer. All that is required to create an agency relationship is the manifestation of assent by...
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
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...
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...
Define agency costs and discuss two ways in which these costs affect the value of a business How does the concept of agency costs apply to the issue of Assignment of Benefits (AOB)?
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