Which Is True Regarding the Basis of Accounting for Fiduciary

question 31

Multiple Choice

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

• A) All four fiduciary fund types are accounted for using the same basis of accounting and measurement focus as governmental funds.
• B) All four fiduciary fund types are accounted for using the same basis of accounting and measurement focus as proprietary funds.
• C) Agency funds are accounted for using the same basis of accounting and measurement focus as governmental funds, trust funds are accounted for using the same basis of accounting and measurement focus as proprietary funds.
• D) Trust funds are accounted for using the same basis of accounting and measurement focus as governmental funds, and agency funds are accounted for using the same basis of accounting and measurement focus as proprietary funds.

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Definitions:

Vicarious Learning

Learning that occurs by observing the actions and outcomes of others' behavior, rather than through direct experience.

Self-Efficacy

A person's confidence in their capability to accomplish tasks and reach objectives.

Self-Regulation

The ability of individuals to manage their emotions, thoughts, and behaviors in accordance with their goals.

Self-Efficacy

An individual's belief in their own ability to complete tasks and achieve goals.