Which of the following is true regarding fiduciary fund statements?
A) Fiduciary fund statements include the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position.
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 Position and the Statement of Changes in Fiduciary Net Position and are prepared using the economic resource measurement focus and accrual accounting.

Which of the Following Is True Regarding Fiduciary Fund Statements