Which of the following statements is correct with respect to Fiduciary Funds?

Multiple Choice

• Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place.

• Fiduciary funds must be adjusted when preparing the government-wide statements.

• Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds.

• Fiduciary funds use the current financial resources measurement focus and accrual accounting.

Which of the following is correct with respect to proprietary funds?

Multiple Choice

• Proprietary funds must be adjusted when preparing the government-wide statements.

• Proprietary funds use the economic resource measurement focus and accrual basis of accounting.

• Proprietary funds are required to set prices for goods or services equal to the cost to provide those goods or services.

• Proprietary fund transactions are predominantly nonexchange in nature