Fiduciary Funds FS (F10:M2)

Question 1

fiduciary funds are required to present what two FS?

Answer 1

statement of fiduciary net position (BS)

statement of changes in fiduciary net position (IS)

*fiduciary funds do not have cash flows, so CF statement not required

Question 2

what are some common types of custodial funds?

Answer 2

sales tax, payroll withholding, real estate tax

Question 3

if a governmental unit has monitoring or similar administrative involvement, which fund is used?

Answer 3

special revenue fund

Question 4

what does a private purpose trust fund report?

Answer 4

all other trust arrangements under which principal and income are for benefit of SPECIFIC INDIVIDUALS, PRIVATE ORGANIZATIONS, and OTHER GOVERNMENTS

Question 5

what is the key word that indicates a custodial fund would be used?

Answer 5

“no obligation”