True/False Questions
1. The term “fiduciary funds” include agency, pension trust, investment trust, and private purpose trust funds.
2. Fiduciary funds use the accrual basis of accounting.
3. Fiduciary funds use the current financial resource measurement focus.
4.Fiduciary Funds are
not
included in the government-wide financial statements.
5.The Accrual Basis and Economic Resource Measurement Focus are used for Private-Purpose, Investment Trust and Pension Funds.
6.The categories on the Statement of Changes in Fiduciary Net Position are Additions and Deductions.
7.Fiduciary Funds are used to account for assets held by a government acting as a trustee or agent for entities external to the governmental unit: Including individuals, organizations, and other governmental units.
8.Assets held in trust that are restricted to benefit the citizenry in general or in support of the reporting government’s programs would be reported as private purpose trust funds.
9.Assets held in trust that are restricted to benefit the citizenry in general or in support of the reporting government’s programs would be reported as permanent funds if nonexpendable.
10.Fiduciary fund financial statements includethe Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position, and Statement of Cash Flows.
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