Under GASB standards, which of the following is a required financial statement for a Fiduciary Fund?

Answer options:

Statement of Cash Flows

Statement of Revenues, Expenditures, and Changes in Fund Balances

Statement of Changes in Fiduciary Net Position

Statement of Activities

How to approach this question

Memorize the required statements for each fund type. Fiduciary funds use 'Net Position' terminology but do NOT produce a Cash Flow statement (unlike Proprietary funds).

Full Answer

C.Statement of Changes in Fiduciary Net Position✓ Correct

Fiduciary funds (Pension trusts, Investment trusts, Private-purpose trusts, Custodial funds) require two statements: 1) Statement of Fiduciary Net Position, and 2) Statement of Changes in Fiduciary Net Position. They do not prepare a Cash Flow statement.

Common mistakes

Confusing Fiduciary with Proprietary funds (which do require Cash Flows).

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