Multiple Choice
Which of the following statements regarding the financial reporting of custodial funds is not True?
A) Custodial activities are reported only in the fiduciary fund financial statements.
B) Custodial fund financial information is reported in a separate column of the government-wide statement of activities.
C) Custodial funds are included in the statement of changes in fiduciary net position.
D) GASB standards allow reporting on individual custodial funds in a government's combining fiduciary fund financial statements.
Correct Answer:
Verified
Correct Answer:
Verified
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