ACCT FOR GOV AND NON PROFIT W/ ACCESS
18th Edition
ISBN: 9781264163717
Author: RECK
Publisher: MCG
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Question
Chapter 8, Problem 18.1EP
To determine
Identify the financial statements that are prepared by fiduciary funds.
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Students have asked these similar questions
Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?
Which of the following funds are classified as fiduciary funds?
Group of answer choices
a.) Internal service and enterprise funds.
b.) Trust and agency funds.
c.) Capital projects and debt service funds.
180. Which of the following is a required financial
statement for an investment trust fund?
a. Statement of revenues, expenditures, and changes
in fiduciary net assets.
b. Statement of activities.
c. Statement of revenues, expenses, and changes in
fiduciary net assets.
d. Statement of changes in fiduciary net assets.
Chapter 8 Solutions
ACCT FOR GOV AND NON PROFIT W/ ACCESS
Ch. 8 - What are the criteria for determining if a...Ch. 8 - Prob. 2QCh. 8 - Identify the different types of trust funds and...Ch. 8 - Describe the basic activities conducted by a tax...Ch. 8 - Explain how the financial reporting of fiduciary...Ch. 8 - Prob. 6QCh. 8 - How are external investment pool activities...Ch. 8 - What is a private-purpose trust fund? There are...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - What is OPEB and how is OPEB reported by...Ch. 8 - Prob. 12CCh. 8 - Prob. 13CCh. 8 - Prob. 14CCh. 8 - Prob. 15CCh. 8 - Prob. 17.1EPCh. 8 - Which of the following is not a fiduciary fund? a....Ch. 8 - Prob. 17.3EPCh. 8 - Fiduciary fund activities are not included in the...Ch. 8 - Prob. 17.5EPCh. 8 - Prob. 17.6EPCh. 8 - The city has installed sidewalks using special...Ch. 8 - Prob. 17.8EPCh. 8 - Fiduciary funds a. Are accounted for using the...Ch. 8 - Prob. 17.10EPCh. 8 - Prob. 17.11EPCh. 8 - An investment trust fund would report in the...Ch. 8 - Prob. 17.13EPCh. 8 - Which pension fund financial statement or schedule...Ch. 8 - Prob. 17.15EPCh. 8 - Prob. 18.1EPCh. 8 - Prob. 18.2EPCh. 8 - The county collects taxes on behalf of the county,...Ch. 8 - Prob. 18.4EPCh. 8 - Prob. 18.5EPCh. 8 - At the date of the creation of the investment...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - Prob. 18.9EPCh. 8 - Prob. 18.10EPCh. 8 - Tax Custodial Fund. (LO8-2) The county collector...Ch. 8 - Special Assessment Debt. (LO8-2) Residents of...Ch. 8 - Identification of Fiduciary Funds. (LO8-2, LO8-3,...Ch. 8 - Investment Trust Fund. (LO8-3) The Albertville...Ch. 8 - Pass-through Custodial Funds. (LO8-2) Evergreen...Ch. 8 - Fiduciary Financial Statements. (LO8-4) Ray County...Ch. 8 - Fiduciary Fund Financial Statements. (LO8-4)...Ch. 8 - Prob. 26EPCh. 8 - Prob. 27EP
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Similar questions
- Fiduciary Funds includes: a. Agency Fund b. Special Revenue Fund c. Debt Service Fund d. Internal Service Fundarrow_forwardWhich of the following accounts are used as income statement-like accounts in investment trust funds, private purpose trust funds, and custodial funds? Assets and liabilities Revenues and expenses Additions and deductions Transfers in and out None of thesearrow_forwardWhat are types of activities are reported in Custodial Funds?arrow_forward
- For each of the following items, identify whether the item is considered current or noncurrent, and explain why. Item Current or Noncurrent?CashInventoryMachinesTrademarksAccounts PayableWages PayableOwner, CapitalAccounts Receivablearrow_forwardFiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accountingarrow_forwardWhen income is to be recognized on cash basis. by Safe Trust Bank, a distinction should be made between a. Banking and Non-banking assets b. Monetary and Non-banking assets c. Current and Non-current assets d. Performing and Non-performing assetsarrow_forward
- Which of the following is not a GASB's required statement for proprietary funds? A.) Statement of net position B.) Statement of revenues, expenses, and changes in fund net position C.) Statement of cash flows D.) Statement of changes in fund net positionarrow_forwardWhich of the following constitutes an internal source of funds Oa. Corporate bonds b. Common stock Oc Commercial paper O d. Retained earnings and amortization cash flowarrow_forwardFunds are transferred in ____________ when one party purchases financial assets previously held by another party a. Medium of exchange b. Financial Institutions c. Financial Markets d. Financial Instrumentsarrow_forward
- In applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements?arrow_forwardIt is important to understand the difference between custodial and trust funds. How many financial statements have been produced for each of the organizations mentioned above?arrow_forward2. Which of the following is an appropriate aggregation? A. Cash and cash equivalents (Cash in bank and sinking fund) B. Trade and other receivables (Accounts receivable and investment in bonds) C. Trade and other payables (Accounts payable and accruals) D. Provisions (Income tax payable and warranty liability)arrow_forward
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