Which of the following statements regarding the financial reporting of custodial funds is not true?

Question $19$Answer

a$.$

GASB standards allow reporting on individual custodial funds in a government$$s combining fiduciary fund financial statements.

b$.$

Custodial fund financial information is reported in a separate column of the government$-$wide statement of activities.

c$.$

Custodial activities are reported only in the fiduciary fund financial statements.

d$.$

Custodial funds are included in the statement of changes in fiduciary net position