Which of the following statements about custodial funds is true? a) A custodial relationship...
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Accounting
Which of the following statements about custodial funds is true?
a) A custodial relationship that commonly results in the creation of a custodial fund is the collection of taxes and other revenues by an official of one government unit for other governmental units.
b) custodial funds report fiduciary activities that are not governed by formal trust arrangements.
c) both of the choices are true
d) neither of the choices is true
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