The Trust Fund for a School Library Is Required to Prepare

question 25

Multiple Choice

The trust fund for a school library is required to prepare financial statements that include

• A)Balance Sheet and Income Statement.
• B)Statement of Revenues,Expenses and Changes in Fiduciary Net Assets.
• C)Statement of Fund Balance and Statement of Changes in Fund Balance.
• D)Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position.

---

Definitions:

Previously-taxed Dollars

Funds that have already been subject to taxation, not requiring further tax upon withdrawal or transfer.

Qualified Pension Plan

A retirement plan that meets the requirements of the Internal Revenue Code and ERISA, offering tax advantages to the employer and employee.

Nontaxable

refers to income or financial transactions that are not subject to tax by the government.

Traditional IRAs

Retirement savings accounts that allow individuals to make pre-tax contributions, deferring taxes until the money is withdrawn.