F10 - M2 - Fiduciary Funds Financial Statements

Question 1

____________ usually account for resources in temporary custody of the governmental unit.

Answer 1

Custodial funds

Question 2

For custodial Funds - The current assets equal the ___________ in the statement of fiduciary net position, with _____________ fund balance reported.

Answer 2

current liabilities; no fund balance reported.

Question 3

__________represent investments held on behalf of others and its assets are generally reported using fair value.

Answer 3

Investment trust funds

Question 4

Investment trust funds represent investments held on behalf of others and its assets are generally reported using _________.

Answer 4

fair value.

Question 5

___________ funds, such as an escheat property fund, contain resources for the benefit of other parties or entities.

Answer 5

Private purpose trust

Question 6

____________ account for government-sponsored pension and postretirement plans.

Answer 6

Pension trust funds

Question 7

_______ and _________ replace revenues and expenses as activity classifications in the statement of changes in fiduciary net position.

Answer 7

Additions and deductions