The operations of agency funds will be included in which of the following statements?

Question

Quizplus · Accepted Answer

Agency funds are a type of fiduciary fund, which means they hold assets in trust or custody for others. The Statement of Fiduciary Net Assets is a financial statement that reports the assets, liabilities, and net assets of fiduciary funds, including agency funds. The Statement of Changes in Fiduciary Net Assets reports the changes in those net assets over time, including additions and deductions. The Government-wide Financial Statements are not applicable for agency funds, as they only pertain to the primary government's activities.

The Operations of Agency Funds Will Be Included in Which