Fiduciary funds are excluded from the government-wide statements.

Question

Quizplus · Accepted Answer

Fiduciary funds are held by the government in a trustee capacity, and their resources are not available to support the government's own programs or operations. Therefore, they are excluded from the government-wide financial statements, which focus on the government's overall financial position and results of operations. Fiduciary funds have their own separate financial statements to report on their activities.

Fiduciary Funds Are Excluded from the Government-Wide Statements