Which Is True Regarding the Basis of Accounting for Fiduciary

question 26

Multiple Choice

Which is true regarding the basis of accounting for fiduciary funds?

• A) All are accounted for in the same manner as proprietary funds.
• B) Agency funds are accounted for using the same basis as governmental funds, trust funds are accounted for using the same basis as proprietary funds.
• C) Trust funds are accounted for using the same basis as governmental funds, and agency funds are accounted for using the same basis as proprietary funds.
• D) All are accounted for in the same manner as governmental funds.

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