Which of the following statements regarding the financial reporting of agency funds is not true?

Question

Quizplus · Accepted Answer

Agency fund financial information is not reported in a separate column of the government-wide statement of activities. They are not reported in the government-wide financial statements as they do not use resources in a way that demands detection in the government-wide financial statements. Agency funds are reported only in the fiduciary fund financial statements, they are not included in the statement of changes in fiduciary net position and GASB standards do not require disclosure of the assets and liabilities of individual agency funds.

Which of the Following Statements Regarding the Financial Reporting of Agency