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 Assets and the Statement of Changes in Fiduciary Net Assets.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

Fiduciary funds are reported in the fiduciary fund financial statements but not in the government-wide financial statements because they are not resources available to support the government's own programs. Agency funds are not reported in the Statement of Changes in Fiduciary Net Assets as they do not have net assets.

Which of the Following Is True Regarding Fiduciary Funds