GASB Has Issued a Proposed Standard That Would More Clearly

question 114

Multiple Choice

GASB has issued a proposed standard that would more clearly define fiduciary activities and change the categories of fiduciary funds. One of the issues the proposed standard is intended to address is the practice of some governments to classify activities as trusts when no trust agreement exists. Activities meeting the definition of fiduciary in nature but that lack a formal trust agreement will in the future be reported in a new category. What is the new category?

• A) Custodial fund
• B) Non-custodial fund
• C) Dedicated fund
• D) Pass-through activities fund

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Definitions:

Atkinson-Shiffrin

A model of memory proposed by Richard Atkinson and Richard Shiffrin that describes it in terms of three stores: sensory memory, short-term memory, and long-term memory.

Activated Memory

Memory that is readily accessible and currently in use.

Limited-Capacity

Refers to the finite amount of information or cognitive resource that an individual can process at one time.

Atkinson And Shiffrin

A model of memory proposed by Richard Atkinson and Richard Shiffrin in 1968, describing three stages of memory: sensory memory, short-term memory, and long-term memory.