In which of the following circumstances would it be inappropriate to report the assets in the fiduciary fund financial statements?

Question

Quizplus · Accepted Answer

Assets held for other funds of the same government should be reported in the governmental fund financial statements rather than the fiduciary fund financial statements. The fiduciary fund is used to account for assets held by the government in a trustee or fiduciary capacity for the benefit of others. The other options (A, C, and D) involve assets held for the benefit of individuals or other entities outside of the government and would typically be reported in the fiduciary fund financial statements.

In Which of the Following Circumstances Would It Be Inappropriate