Which of the following is true regarding fiduciary fund financial statements?
A) Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and the Statement of Changes in Fiduciary Net Assets.
B) Fiduciary fund financial statements are prepared on the current financial resources measurement focus and modified accrual accounting.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and the Statement of Changes in Fiduciary Net Assets. Option B is incorrect because fiduciary fund financial statements are prepared on the economic resources measurement focus and accrual accounting, not the current financial resources measurement focus and modified accrual accounting.

Which of the Following Is True Regarding Fiduciary Fund Financial