Gasb has issued a proposed standard that would more clearly define fiduciary activities and change the categories of fiduciary funds. one of the issues the proposed standard is intended to address is the practice of some governments to classify activities as trusts when no trust agreement exists. activities meeting the definition of fiduciary in nature but that lack a formal trust agreement will in the future be reported in a new category. what is the new category? a. custodial fund. b. non-custodial fund. c. dedicated fund. e. pass-through activities fund.

What are the main advantages and disadvantages of organizing a firm as a c corporation? the advantages are: (select all the choices that apply.) a. there is no limit on the number of owners a c corporation may have, thus allowing the corporation to raise substantial amounts of capital. b. the life of the business can continue beyond the death of any of the owners. c. the corporation can use the assets of the owners to pay for corporate liabilities. this attracts smaller investors to the corporation. d. the liability of the owners is limited to the amount of their investment in the firm. the disadvantages are: (select all the choices that apply.) a. income to a c corporation is subject to double taxation, once at the corporate level and again when received by the owners in the form of a dividend. b. the life of the business usually ends with the death of any of the owners. c. the c corporation is more complicated and more expensive to set up than other business entities. d. corporate liabilities can be passed on to the share