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Accounting for Governmental and Nonprofit Entities 18e (Reck) Chapter 8 - Wiley College ACCOUNTING MISC $7.99   Add to cart
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Accounting for Governmental and Nonprofit Entities 18e (Reck) Chapter 8 - Wiley College ACCOUNTING MISC
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Accounting for Governmental and Nonprofit Entities 18e (Reck) Chapter 8 - Wiley College ACCOUNTING MISC Chapter 8 Accounting for Fiduciary Activities—Custodial and Trust Funds 1) According to the GASB, control of an asset means the government must have the asset in its possession. Answer: FAL...

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  • February 2, 2023
  • February 2, 2023
  • 19
  • 2022/2023
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  • accounting for governmental and nonprofit entities 18e reck chapter 8 wiley college accounting misc
  • chapter 8 accounting for fiduciary activities—custodial and trust funds 1 according to the gasb

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Chapter 8 Accounting for Fiduciary Activities—Custodial and Trust Funds

1) According to the GASB, control of an asset means the government must have
the asset in its possession.

Answer: FALSE

2) By definition a fiduciary fund that does not meet the definition of a trust fund is
a custodial fund.

Answer: TRUE

3) Resources that are held in trust for the benefit of the government's own
programs or its citizenry should be accounted for using a governmental fund
rather than a fiduciary fund.

Answer: TRUE

4) Custodial funds are used only if a government holds resources in a custodial
capacity for others.

Answer: TRUE

5) Unless otherwise prohibited custodial relationships can be reported in the
General Fund rather than a custodial fund.

Answer: TRUE

6) The collection of taxes or other revenues by one government for several of the
funds it operates and for other governments often results in the creation of a trust
fund.

Answer: FALSE

7) Because a government does not have any administrative decision making, a
custodial fund would not prepare a statement of net position.

Answer: FALSE

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