On the Statement of Changes in Net Position, Custodial Funds

question 63

True/False

On the statement of changes in net position, custodial funds need to display on separate lines each type of addition made to the fund.

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Definitions:

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for enforcing federal securities laws and regulating securities industry participants.

Operations

The day-to-day activities carried out by a business to generate earnings, involving production, sales, and service provision.

Funded

Funded refers to a financial state where a project, account, or obligation has sufficient reserved resources or capital to cover expenses or liabilities.

SEC

The Securities and Exchange Commission is a U.S. federal agency that oversees securities transactions, activities of financial professionals, and ensures that investment markets operate fairly and transparently.