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.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.