Which of the following is needed for a fiduciary relationship to exist?
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Which of the following is needed for a fiduciary relationship to exist?
The assets are controlled by outside entities.
The assets are derived from the reporting entity’s own revenues, which are used to benefit others.
The assets are for the benefit of individuals and/or entities that are not part of the reporting entity.
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- A governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetingsWhich of the following funds does not get consolidated into the Governmental Activities section of the Statement of Net Position? A. Permanent B. Debt Service C. Internal Service D. Investment TrustThe modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust funds
- What is the primary difference between revenue grants and capital grants in accounting for government grants? A. Revenue grants are recognized in the income statement immediately, while capital grants are recognized as deferred income. B. Revenue grants are used for long-term asset acquisition, while capital grants support day-to-day operating activities. C. Both revenue and capital grants are recognized in the income statement immediately. D. Capital grants are not accounted for in financial statements.Government grants are recognized only when there is reasonable assurance that the entity will comply with the conditions attaching to them the grants are received the grants will be received a and b a and cWhich of the following items is not recognized as revenue by a governmental unit? Group of answer choices a.) Sales tax proceeds b.) Bond proceeds c.) Property tax levies
- Discuss major differences between a governmental entity's uses of the modified accrualmethod and a for-profit corporation's use of the accrual method.Which of the following is an expense recognition criterion for recording a government transfer payment as an expense under Section PS 3410 in the CPA Canada Public Sector Accounting Handbook? A. All stipulations have been met by the recipient. B. All eligibility criteria have been met by the recipient. C. All eligibility criteria and all stipulations have been met by the recipient. D. All conditions required by the recipient for recognizing the transfer as revenue have been met.Which of the following would not appear on a statement of changes in fiduciary net position? Multiple Choice Due to Other Funds. Additions—Investment Earnings. Additions—Property Tax Collections for Other Governments. Deductions—Administrative Fees.
- Which governmental fund includes resources that are legally restricted so that the governmental entity must maintain the principal and can use only the earnings from the fund's resources to benefit the government's programs for all of its citizens? Group of answer choices a.) Capital projects fund b.) Permanent fund c.) Agency fundGovernments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in: a. the general fund b. governmental funds c. proprietary funds d. special revenue fundsGovernmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government. True or False
