Fiduciary Activities Are Not Reported in the Government-Wide Financial Statements

question 50

True/False

Fiduciary activities are not reported in the government-wide financial statements under GASB standards.

---

Definitions:

Current Ratio

A financial metric that compares a company's current assets to its current liabilities, indicating how well it can cover its short-term obligations.

FICA Tax

Federal Insurance Contributions Act tax, a U.S. tax that funds Social Security and Medicare, deducted from employees' paychecks and matched by employers.

Payroll Tax

Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.