Question: In accordance with GASB 34, Basic Financial Statementsand Managements Discussion and Analysis for State and Local Governments, agency funds are reported on which of the

In accordance with GASB 34, Basic Financial Statements—and Management’s Discussion and Analysis—

for State and Local Governments, agency funds are reported on which of the following financial statements?

I. Statement of fiduciary net assets.

II. Statement of changes in fiduciary net assets.

a. I only.

b. II only.

c. Both I and II.

d. Neither I nor II.

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