Which of the Following Fiduciary Funds Does Not Require a Statement

question 46

Multiple Choice

Which of the following fiduciary funds does not require a statement of changes in net assets?
I.Private-purpose trust fund.
II.Agency fund.

• A)I only
• B)II only
• C)Both I and II
• D)Neither I nor II

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Definitions:

Actual Yearly Output

The total quantity of products or services produced by a company within a specific year.

Estimated Output

The projected quantity of goods or services a company plans to produce in a specific period.

Depreciable Cost

The total cost of a tangible asset minus its estimated salvage value, representing the amount that can be depreciated over the life of the asset.

Initial Cost

The original expense incurred to acquire an asset or start a project, including purchase price and any other initial expenses.