which of the following statements is incorrect? A. Unless use of the agency fund

Question

which of the following statements is incorrect? A. Unless use of the agency fund is mandated by law, by gasb standards, or buy decision of the government board, and agency relationship may be accounted for within governmental and or proprietary funds. B. E s c h e a t property generally should be reported as an asset in the governmental and proprietary funds to which the property ultimately reverts. C. GASB has proposed a new category of fiduciary funds the custodial fund which would be used exclusively for escheat property held by the government. D and agency fund accounts for assets held by the government temporarily as agents for individuals, organizations, or other governmental units.

Explanation / Answer

C. GASB has proposed a new category of fiduciary funds the custodial fund which would be used exclusively for escheat property held by the government.

Custodial funds is a new category of fiduciary funds but would be used for many activities currently reported in agency funds as well as providing grants, etc to the activities with don't have trust agreements.

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.