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(C) Which one of the following is true in relation to financial statements of fiduciary funds? a) There is no need to prepare statement of

(C) Which one of the following is true in relation to financial statements of fiduciary funds?

a) There is no need to prepare statement of changes in fiduciary net assets for a pension trust fund

b) There are no net assets held in the statement of changes in fiduciary net assets for an agency fund

c) There is a need to prepare statement of changes in fiduciary net assets for an agency fund

d) There is no need to prepare statement of changes in fiduciary net assets for an investment trust fund

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