Government net position question

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  • #3121416
    animalwithin
    Participant

    I don't understand the following Ninja question:

    Financial statements for which fund type generally report net position?

    Answer: Enterprise fund

    Don't fiduciary funds also report net position through the Statement of Fiduciary Net Position?

    #3121542
    lisl
    Participant

    What were the other answer choices? Were any of the Fiduciary funds included in the answer choices?

    I'm using Becker, and a section in my book is titled “Net Position and Components Thereof (Proprietary and Government-Wide). It further goes on to say that net position is reported in the gov wide FS and proprietary fund balance sheets – this represents net equity. Fiduciary funds are not included in government-wide financial statements, so this could be why the Ninja question left the fiduciary funds out of the answer choices.

    You're right though, that is confusing as Fiduciary fund FS do include fiduciary net position.

    REG: 84 (November 2019)

    BEC: 92 (March 2020)

    AUD: 85 (July 2020)

    FAR:

    #3121620
    animalwithin
    Participant

    The answers were enterprise fund, two gov funds, or the pension trust fund.

    I picked pension trust fund since it's a Fiduciary Fund but it was wrong.

    Still don't know why…

    #3125601
    animalwithin
    Participant

    Anyone else have an explanation for this? Is it possibly a Ninja error?

    #3125613
    CPAHOPE
    Participant

    Enterprise funds are included in Govt wide financial statements whereas Fiduciary funds are not included thats why. Notice the word GENERALLY.
    YES, Fiduciary funds do include Fiduciary net position

    AUD - 39
    BEC - 76
    FAR - 56
    REG - 79
    FAR 57,61,57,56 (F*)

    REG 54,49,69,66, 79

    AUD 39(lol)

    BEC 64,60,50(lol),70,67,71,76

    "Theres no limit unless you allow it"

    "Why not?"

    "I dont believe in limits"

    #3126396
    animalwithin
    Participant

    @CPAHOPE, I'm not sure I follow. The question doesn't indicate that we're talking about govt wide financial statements.

    #3126483
    CPAHOPE
    Participant

    @animalwithin
    I see your point, I think the question wasnt written properly but i wouldn't worry about it too much. Knowing the ins n outs of journal entries are critical in FAR

    AUD - 39
    BEC - 76
    FAR - 56
    REG - 79
    FAR 57,61,57,56 (F*)

    REG 54,49,69,66, 79

    AUD 39(lol)

    BEC 64,60,50(lol),70,67,71,76

    "Theres no limit unless you allow it"

    "Why not?"

    "I dont believe in limits"

    #3126495
    CPAHOPE
    Participant

    Or you can make the claim that when the question stated financial statements, you can assume it to be an external statement. Fiduciary assets are reported in fund based financial statements which is an internal statement.

    AUD - 39
    BEC - 76
    FAR - 56
    REG - 79
    FAR 57,61,57,56 (F*)

    REG 54,49,69,66, 79

    AUD 39(lol)

    BEC 64,60,50(lol),70,67,71,76

    "Theres no limit unless you allow it"

    "Why not?"

    "I dont believe in limits"

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