Multiple Choice
Which of the statements concerning custodial funds is True?
A) Custodial funds use the same basis of accounting as permanent funds.
B) Custodial funds are reported only on the statement of fiduciary net position.
C) Custodial funds use the temporary accounts Additions and Deductions.
D) Custodial funds never receive cash.
Correct Answer:
Verified
Correct Answer:
Verified
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