Question
ndicate which of the following statements regarding Fiduciary Funds are TRUE . (select all that apply) A. Pension Trust Funds use the economic resources measurement
ndicate which of the following statements regarding Fiduciary Funds are TRUE. (select all that apply)
A. | Pension Trust Funds use the economic resources measurement focus and the accrual basis of accounting. | |
B. | Fiduciary funds are not included in the Government-Wide Financial Statements. | |
C. | Agency Funds are different from other Fiduciary Funds because Agency Funds have no liabilities. | |
D. | Fiduciary Funds use the terms Additions and Deductions rather than Revenues and Expenses. | |
E. | A Private-Purpose Trust Fund is used when a donor provides resources to a state that the state can use for any purpose agreed upon by the governor and the legislature. | |
F. | A Permanent Fund is a Fiduciary Fund used to account for donations in which the principal must be maintained, but the earnings may be spent for a public purpose. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started