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:

Introspection

The study or scrutiny of one's own psychological and emotional states.

Actual Self

Represents an individual's perception of themselves as they are, rather than how they wish to be.

Overjustification Effect

In the absence of obvious external determinants of our behaviour, we assume that we freely choose the behaviour because we enjoy it.

BIRGing

Basking in Reflected Glory; that is, name-dropping to link yourself with desirable people or groups and thus improve other people’s impression of you.