Which Financial Statements Are Required for a Private Purpose Trust

question 21

Multiple Choice

Which financial statements are required for a private purpose trust fund?

• A) Statement of net position and statement of revenues, expenses and changes in net position.
• B) Statement of net position, statement of revenues, expenses, and changes in retained earnings, and statement of cash flows.
• C) Statement of net position and statement of changes in net position.
• D) Statement of net position, statement of changes in net position, and statement of cash flows.

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Definitions:

Tikal

An ancient Mayan city located in what is now northern Guatemala, known for its towering pyramids and significant archaeological sites.

Guatemala

A country in Central America known for its rich Mayan heritage, volcanic landscapes, and diverse ecosystems.

Nonmonumental Structures

Buildings or constructions that are simple or modest in scale, not designed as significant cultural or historical landmarks.

Political Interests

Refers to the preferences or concerns related to governance, policies, and political activities that individuals or groups have.