1. Which of the following is a reporting requirement for custodial funds?

   		A statement of fiduciary net position and a statement of changes in fiduciary net position are required for custodial funds.
   		Custodial fund assets should always equal liabilities in the statement of fiduciary net position.
   		A custodial fund should not be used as a clearing account.
   		A custodial fund should report as revenue in its financial statements any fee it charges for collection of property taxes.

1 points