Which of the following fiduciary funds does not require a statement of changes in net assets?
I.Private-purpose trust fund.
II.Agency fund.

Question

Quizplus · Accepted Answer

An agency fund does not need a statement of changes in net assets because it is not a traditional fiduciary fund. The assets held in an agency fund are simply held on behalf of another party but do not have a beneficiary relationship or an ongoing fiduciary responsibility. Private-purpose trust funds, on the other hand, are traditional fiduciary funds that require a statement of changes in net assets.

Which of the Following Fiduciary Funds Does Not Require a Statement