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

Question

Quizplus · Accepted Answer

Fiduciary fund statements include the Statement of Fiduciary Net Assets and the Statement of Changes in Fiduciary Net Assets. Choice B is incorrect because fiduciary fund statements are prepared using the economic resources measurement focus and the accrual basis of accounting.

Which of the Following Is True Regarding Fiduciary Fund Statements