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) Agency funds would be reported in both the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

Fiduciary funds are not included in the government-wide statement; they are included with the fund basis financial statements. Agency funds only prepare the Statement of Fiduciary Net Position. They do not prepare a statement of changes in Fiduciary Net Position because agency funds do not have revenues or expenses.

Which of the Following Is True Regarding Fiduciary Funds