Fiduciary funds FS

Question 1

what are the financial statements in fiduciary funds?

Answer 1

• BS: statement of fiduciary net position
• IS: statement of changes in fiduciary net position
• footnotes

Question 2

what are the 4 types of fiduciary funds?

Answer 2

CIPPOE
- Custodial fund: government is NOT obligated in any manner of special assessment debt. taxes collected are remitted to its own or other governments
- Investment trust fund: assets of owned investing fund and other investment trust fund
- Private purpose trust fund: held for individuals, private organizations, or another government
- Pension and Other Employee benefit trust fund

Question 3

what are the components of IS (statement of changes in fiduciary net position?

Answer 3

• Additions: is like revenues include contributions and investment earnings
• Deductions: is like expenses include benefits, refunds of contributions, and admin expenses

Question 4

How to record fees received for tax collections?

Answer 4

Dr. cash
Cr. additions
Cr. liability - due to other funds (fee) - subsequent disbursement

Question 5

How to classify or record the transactions between fiduciary funds and governmental or proprietary funds?

Answer 5

Expen