Explain the distinction(s) between custodial funds and trust funds. What financial statements are prepared for each?
Explain the distinction(s) between custodial funds and trust funds. What financial statements are prepared for each?
Homework Answers
Custodial funds are those received for payments to be made to other funds, organizations or any individual. It is a financial account usually in the form of cash and are held for a lesser time period.
Trust funds are those funds held by the government in a trustee capacity. These are held in the form of long term investments and or private purpose trust funds. They are held for a long time period unlike custodial funds and involve complex accounting.
Financial statements prepared for each:
Custodial funds:
1.Statement of changes in asset and liabilities
2. Statement of fiduciary net position
Trust funds:
1. Statement of fiduciary net position
2. Statement of changes in fiduciary net position
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Explain the distinction(s) between custodial
funds and trust funds. What financial statements are
prepared for each?
Explain the distinction(s) between custodial funds and trust funds. What financial statements are prepared for each?
Explain the distinction(s) between custodial funds and trust funds. What financial statements are prepared for each?
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