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For a fiduciary fund relationship to exist the administering government cannot benefit from the assets of the fund.

When a supplies internal service fund records a billing to the General Fund, the journal entry in the internal service fund will include which of the following?

A statement of revenues, expenses, and changes in fund net position for an internal service fund is similar in many respects to an income statement prepared for a commercial business.

Which of the following statements concerning the reporting of expenses on the statement of activities is true?

Which of the following activities would most appropriately be recorded by a trust fund?

An investment trust fund is used to report the net position available to the:

The two methods for presenting component units in the financial statements are aggregated and disaggregated.

Which of the following is an example of a difference between enterprise funds and internal service funds?

By definition a fiduciary fund that does not meet the definition of a trust fund is a custodial fund.

Which of the following statements regarding the financial reporting of custodial funds is not true?