A Statement of Cash Flows Should Be Prepared for Which

question 53

Multiple Choice

A statement of cash flows should be prepared for which of the following fiduciary fund types?

• A) Fiduciary funds do not provide a statement of cash flows.
• B) Custodial.
• C) Pension trust.
• D) Private-purpose trust.

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Definitions:

Improper Transgressions

Inappropriate or unlawful actions that violate accepted norms, rules, or regulations.

Fiduciary Mode

An ethical and legal relationship of trust where an individual or entity acts on behalf of another person or people with their best interest in priority.

Stewardship

The act of managing or looking after another's property, finances, or affairs responsibly and ethically, often used in contexts of environmental conservation and nonprofit management.

Organization's Assets

The total resources owned by an organization, including physical items, financial resources, and intangible items like goodwill and intellectual property.