Which of the Following Statements Regarding the Financial Reporting of Agency

question 61

Multiple Choice

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

• A) Agency activities are reported only in the fiduciary fund financial statements.
• B) Agency fund financial information is reported in a separate column of the government-wide statement of activities.
• C) Trust funds are included in the statement of changes in fiduciary net position.
• D) GASB standards allow disclosure of the assets and liabilities of agency funds in a separate column of the statement of fiduciary net position.

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Definitions:

Trophic Level

The position an organism occupies in a food chain, based on its feeding habits.

Tertiary Consumers

Organisms that occupy the top level in a food chain by feeding on secondary consumers; they are typically predators.

Autotrophs

Organisms that can produce their own food from inorganic substances using light or chemical energy such as plants and certain bacteria and algae.

Carbon Fixation

The process by which inorganic carbon (usually in the form of CO2) is converted to organic compounds by living organisms, prominently through photosynthesis in plants.