Which of the Following Is True Regarding Fiduciary Funds

question 118

Multiple Choice

Which of the following is true regarding fiduciary funds?

• A) Fiduciary funds use the financial resources measurement focus and accrual accounting.
• B) Fiduciary funds include pension (and other employee benefit) trust, investment trust, agency, and permanent funds.
• C) Both of the above.
• D) Neither of the above.

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Definitions:

Motivational Conference

An event designed to inspire and energize attendees, often featuring speakers who share success stories, strategies, and motivational insights.

Implied Contract

An agreement derived from the actions or circumstances of the parties involved, rather than explicit words.

Objective Theory Of Contracts

A theory under which the intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions. Objective facts might include what a party said when entering into the contract, how a party acted or appeared, and the circumstances surrounding the transaction.

Express Contract

A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written.