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What is involved with acting as a fiduciary

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Reference no: EM131016388

Q1 Discuss various situations in which a government has fiduciary responsibility but does not report them in fiduciary funds.

Q2 The key to fiduciary funds is in the meaning of the term "fiduciary".

What is involved with acting as a fiduciary? How is this different from an agency relationship?

Q3 What basis of accounting is used to report governmental activities in government-wide financial statements? Can another basis be used? Please explain.

Q4 Government Wide financial statements are on the accrual basis. Let's look back at the fund summary from week 1. Note that governmental funds are on the modified accrual basis while proprietary and fiduciary funds are on the full accrual basis. It would not make sense to just combine all these funds when they are accounted for differently. Thus entries are made to move governmental funds from modified to full accrual for financial statement purposes. Class, does this make sense? What types of entries are made to move from modified to full accrual?

Reference no: EM131016388

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