QUESTION 24 Where in the basic financial statements would one find fiduciary act

Question

QUESTION 24 Where in the basic financial statements would one find fiduciary activities reported? O A In the government-wide statements only O B. In the fiduciary funds statements and in the business-like activities column of the government-wide statements 2 points In the fiduciary funds statements and in the governmental activities column of the government-wide statements 0 D. In the fiduciary funds statements only. QUESTION 25 Where in the basic financial statements, (most commonly) would one find internal service fund assets reported? O A In the proprietary funds statements and in the business-type activities column of the government-wide statements ?B. In the governmental unds statements and in the business type activities column of the government-wide 2 points statements O C. In the proprietary funds statements and in the governmental activities column of the government-wide statements. O D. In the governmental funds statements and in the governmental activities column of the government-wide statements

Explanation / Answer

Solution to Ques 24: Option D i.e. In the fiduciary funds statements only.

Solution to Ques 25: Option C i.e. In the proprietary funds statements and in the governmental activities column of the government-wide statements.

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