A city reports three Pension Trust Funds, one Private-Purpose Trust Fund, one Investment Trust Fund, and three Agency Funds. How many columns would the City's statement of fiduciary net position would report?

Question

Quizplus · Accepted Answer

The statement of fiduciary net position (formerly known as the statement of net assets held in trust) reports the assets, liabilities, and net position of fiduciary funds. It has four columns: column (1) reports assets, column (2) reports liabilities, column (3) reports the net position restricted for purposes other than to provide retirement benefits and (4) reports the net position restricted to provide retirement benefits. Therefore, considering the given information, the City's statement of fiduciary net position would report four columns.

A City Reports Three Pension Trust Funds, One Private-Purpose Trust