which one of the following is a correct regarding the accounting principles applied in fiducuary funds

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05-12-2022
Business

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which one of the following is a correct regarding the accounting principles applied in fiducuary funds

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Smecloudbird18idn Smecloudbird18idn · Answer 1 · 2022-12-07T22:28:57-05:00

Fiduciary funds account on an accrual basis. Economic resource measurement and the accrual foundation of accounting are used by fiduciary funds.

Except for the recognition of certain liabilities of defined benefit pension plans and some postemployment healthcare plans, fiduciary funds should be reported using the economic resources measurement emphasis and the accrual basis of accounting [Governmental Accounting Standards Board] (GASB). A city may have fiduciary funds such as a law enforcement trust fund and a firemen's pension fund. Other types of fiduciary funds include investment trust funds, private-purpose trust funds, pension (and other employee benefit) trust funds, and agency funds.

To learn more about Fiduciary funds, click here.

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