Question 36 (1 point)

Each of the following are reported as fiduciary funds except:

Question 36 options:

	A permanent fund.
	An investment trust fund.
	A custodial fund.
	A private-purpose trust fund.

Question 37 (1 point)

Which of the following statements regarding the financial reporting of custodial funds is not true?

Question 37 options:

	Custodial activities are reported only in the fiduciary fund financial statements.
	Custodial fund financial information is reported in a separate column of the government-wide statement of activities.
	Custodial funds are included in the statement of changes in fiduciary net position.
	GASB standards allow reporting on individual custodial funds in a government's combining fiduciary fund financial statements.

Question 38 (1 point)

Which of the following activities would most appropriately be recorded by a custodial fund?

Question 38 options:

	Donations collected for improvements to the public library.
	Deposits held for customers of a municipal-owned electric utility.
	Taxes collected by a county government on behalf of cities within the county.
	Assets managed by the city for college scholarships to be awarded to the city's high school students with financial need.

Question 39 (1 point)

Which of the following accounts is least likely to be used by a tax custodial fund?

Question 39 options:

	Cash.
	Revenues.
	Taxes receivable for other funds.
	Due to other funds.

Question 40 (1 point)

When a cash and investment pool of a certain city was established, the debt service fund transferred investments to the pool having a cost of $3,000,000 but a current fair market value of $3,100,000. To record this transfer, a single journal entry was made by the debt service fund that included which of the following?

Question 40 options:

	A debit to Equity in Pooled Cash and Investments in the amount of $3,000,000.
	A credit to RevenuesChange in Fair Value of Investments in the amount of $100,000.
	A debit to Investments in the amount of $3,000,000.
	A credit to Investments in the amount of $3,100,000.