Multiple Choice
Which is true regarding the basis of accounting for fiduciary funds?
A) All are accounted for in the same manner as proprietary funds.
B) Agency funds are accounted for using the same basis as governmental funds, trust funds are accounted for using the same basis as proprietary funds.
C) Trust funds are accounted for using the same basis as governmental funds, and agency funds are accounted for using the same basis as proprietary funds.
D) All are accounted for in the same manner as governmental funds.
Correct Answer:
Verified
Correct Answer:
Verified
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