Which of the Following Statements Regarding the Financial Reporting of Custodial

question 50

Multiple Choice

Which of the following statements regarding the financial reporting of custodial funds is not True?

• A) Custodial activities are reported only in the fiduciary fund financial statements.
• B) Custodial fund financial information is reported in a separate column of the government-wide statement of activities.
• C) Custodial funds are included in the statement of changes in fiduciary net position.
• D) GASB standards allow reporting on individual custodial funds in a government's combining fiduciary fund financial statements.

Recognize not-for-profit organizations and their roles.

Understand the taxation and profit distribution in different business forms.

Understand the concept of relevant and irrelevant costs in decision-making.

Distinguish between avoidable and sunk costs.

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