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Which of the following is true regarding custodial funds? Multiple Choice a) Custodial funds report assets and liabilities, net position, revenues and expenditures. b) Custodial

Which of the following is true regarding custodial funds?

Multiple Choice

a) Custodial funds report assets and liabilities, net position, revenues and expenditures.

b) Custodial funds are often used to account for property tax collections by county governments for other governments.

c) Both of the choices are true.

d) Neither of the choices is true.

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