Assume a Government Is a Special-Purpose Entity Engaged in Fiduciary

question 53

Multiple Choice

Assume a government is a special-purpose entity engaged in fiduciary activities only.Which of the following financial statements would be required?

• A) Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets.
• B) Statement of Net Assets and Statement of Activities.
• C) Statement of Net Assets, Statement of Activities, Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets.
• D) Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, and Statement of Cash Flows.

---

Definitions:

Accountants

Professionals who perform financial functions related to the collection, accuracy, recording, analysis, and presentation of a business, organization, or individual's financial operations.