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Which of the following is true regarding fiduciary funds?

a. Fiduciary funds are reported in the fund basis statements and in a separate column in the government-wide financial statements.
b. Agency funds would be reported in both the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position.
c. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements.
d. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations.

Answer :

Karabo99

Answer:

c. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements.

Explanation:

The financial statements for Fiduciary Fund include Statement of fiduciary net position and Statement of changes in fiduciary net position . The Fiduciary fund statements are presented using the accrual basis of accounting and economic resources measurement focus.

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