Which financial statements are required for a private purpose trust fund?
A. Statement of net position and statement of revenues, expenses and changes in net position.
B. Statement of net position, statement of revenues, expenses, and changes in retained earnings, and statement of cash flows.
C. Statement of net position and statement of changes in net position.
D. Statement of net position, statement of changes in net position, and statement of cash flows.
Question 2
A disadvantage of periodic mode systems is
a. online master data are only up to date right after the processing has been completed
b. it is more expensive to operate than immediate mode systems
c. query capability always exists to extract up-to-date data
d. data is updated after every transaction
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E9-23 Prepare income statements Explain the difference in operating income