Which of the following financial statements or schedules is prepared for all fiduciary funds?
A)Statement of fiduciary cash flows
B)Budgetary comparison schedule
C)Statement of fiduciary net position
D)Reconciliation between fund-level and government-wide level operating activities

Question

Quizplus · Accepted Answer

The Statement of Fiduciary Net Position is prepared for all fiduciary funds and presents the assets, liabilities, and net position of those funds. The other options are not necessarily prepared for all fiduciary funds. The Statement of Fiduciary Cash Flows is only prepared if the fiduciary fund has cash receipts or disbursements, the Budgetary Comparison Schedule is only prepared if the fund has a budget, and the Reconciliation between Fund-level and Government-wide Level Operating Activities is not specific to fiduciary funds.

Which of the Following Financial Statements or Schedules Is Prepared