Screenshot: 

Image: 

After studying Chapter 7, you should be able to:

• -Identify the fiduciary funds and describe when each is appropriate.
• -Apply the accrual basis of accounting in the recording of typical transactions of agency, private purpose trust, investment trust, and pension trust funds.
• -Prepare the fund-basis financial statements for fiduciary funds.
• -Apply GASB standards for the measurement and reporting of investments.