Question
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
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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.
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
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
