Assume a Government Is a Special-Purpose Entity Engaged in Fiduciary

question 52

Multiple Choice

Assume a government is a special-purpose entity engaged in fiduciary activities only. Which of the following financial statements would be required?

• A) Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position.
• B) Statement of Net Position and Statement of Activities.
• C) Statement of Net Position, Statement of Activities, Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position.
• D) Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position, and Statement of Cash Flows.

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Definitions:

Education

The process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits through various methods such as teaching, training, storytelling, discussion, and directed research.

On-The-Job Training

The education and training provided to employees while they perform tasks or processes related to their job at the workplace.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or the community.

Marginal Productivities

Describes the additional output generated by employing one more unit of input, holding other inputs constant.