Sofia, the compassionate and dedicated guardian, was honored with the Pension Trust. This trust was created to ensure a secure and magical retirement for the realm's loyal wizards and witches. When the realm's enchanted beings made contributions to the pension fund, Sofia recorded the transactions using the accrual basis of accounting. She diligently calculated the pension benefits owed to each beneficiary, ensuring their well-being in their golden years. The fund-basis financial statements she prepared illustrated the trust's commitment to the welfare of its beneficiaries. Ethan, the dependable and trustworthy guardian, was entrusted with the Custodial Fund. This fund served as a safe haven for the realm's enchanted artifacts and valuable treasures. When the enchanted beings deposited their cherished artifacts into the custodial fund, Ethan meticulously recorded the transactions using the accrual basis of accounting. He diligently maintained detailed records of each deposit and withdrawal, preserving the artifacts' integrity and protecting them from harm. The fund-basis financial statements he prepared demonstrated the custodial fund's dedication to its sacred responsibility. Through their unwavering dedication and adherence to the principles of fiduciary accounting, Ava, Liam, Sofia, and Ethan ensured the realm's fiduciary funds flourished and fulfilled their noble purposes. Their commitment to transparency, accountability, and prudent management was recognized and celebrated throughout the realm of Numenor. The guardians' legacy of trust lived on, inspiring future generations to safeguard the realm's invaluable assets and uphold the principles of fiduciary responsibility. How are revenues recognized in the Pension Trust using the accrual basis of accounting? When the pension contributions are received When cash is collected When the pension benefits are paid to beneficiaries When the contributions become measurable and available The Guardians of Trust: A Tale of Fiduciary Funds In the mystical realm of Numenor, four valiant guardians, Ava, Liam, Sofia, and Ethan, were entrusted with the sacred duty of safeguarding the realm's fiduciary funds. Each guardian was assigned a unique trust, representing their unwavering commitment to protect the realm's valuable assets and resources. Ava, the wise and caring guardian, was bestowed with the Private-Purpose Trust. This trust was established to benefit a specific individual or group, such as funding a scholarship program for aspiring wizards and witches. When a generous donation was received from the realm's enchanted creatures, Ava diligently recorded the contribution using the accrual basis of accounting, recognizing the revenue when it was measurable and available. The fund-basis financial statements she prepared demonstrated the trust's commitment to its noble purpose. Liam, the brave and strategic guardian, was entrusted with the Investment Trust. This trust was designed to generate income and increase the realm's wealth through shrewd investments. When the realm's wise sorcerer provided Liam with funds to invest in enchanted crystals, he recorded the transaction using the accrual basis of accounting. With keen precision, he adhered to GASB standards for measuring and reporting investments. The fund-basis financial statements he prepared showcased the trust's impressive growth and contribution to the realm's prosperity. Ethan, the dependable and trustworthy guardian, was entrusted with the Custodial Fund. This fund served as a safe haven for the realm's enchanted artifacts and valuable treasures. When the enchanted beings deposited their cherished artifacts into the custodial fund, Ethan meticulously recorded the transactions using the accrual basis of accounting. He diligently maintained detailed records of each deposit and withdrawal, preserving the artifacts' integrity and protecting them from harm. The fund-basis financial statements he prepared demonstrated the custodial fund's dedication to its sacred responsibility. Through their unwavering dedication and adherence to the principles of fiduciary accounting, Ava, Liam, Sofia, and Ethan ensured the realm's fiduciary funds flourished and fulfilled their noble purposes. Their commitment to transparency, accountability, and prudent management was recognized and celebrated throughout the realm of Numenor. The guardians' legacy of trust lived on, inspiring future generations to safeguard the realm's invaluable assets and uphold the principles of fiduciary responsibility. What is the main purpose of preparing fund-basis financial statements for fiduciary funds? To showcase the growth and contributions of the funds To demonstrate compliance with GASB standards To report on the investment activities of the funds To ensure transparency and accountability in fund management The Guardians of Trust: A Tale of Fiduciary Funds In the mystical realm of Numenor, four valiant guardians, Ava, Liam, Sofia, and Ethan, were entrusted with the sacred duty of safeguarding the realm's fiduciary funds. Each guardian was assigned a unique trust, representing their unwavering commitment to protect the realm's valuable assets and resources. Ava, the wise and caring guardian, was bestowed with the Private-Purpose Trust. This trust was established to benefit a specific individual or group, such as funding a scholarship program for aspiring wizards and witches. When a generous donation was received from the realm's enchanted creatures, Ava diligently recorded the contribution using the accrual basis of accounting, recognizing the revenue when it was measurable and available. The fund-basis financial statements she prepared demonstrated the trust's commitment to its noble purpose. Liam, the brave and strategic guardian, was entrusted with the Investment Trust. This trust was designed to generate income and increase the realm's wealth through shrewd investments. When the realm's wise sorcerer provided Liam with funds to invest in enchanted crystals, he recorded the transaction using the accrual basis of accounting. With keen precision, he adhered to GASB standards for measuring and reporting investments. The fund-basis financial statements he prepared showcased the trust's impressive growth and contribution to the realm's prosperity. Sofia, the compassionate and dedicated guardian, was honored with the Pension Trust. This trust was created to ensure a secure and magical retirement for the realm's loyal wizards and witches. When the realm's enchanted beings made contributions to the pension fund, Sofia recorded the transactions using the accrual basis of accounting. She diligently calculated the pension benefits owed to each beneficiary, ensuring their well-being in their golden years. The fund-basis financial statements she prepared illustrated the trust's commitment to the welfare of its beneficiaries