Question 1

Fiduciary Fund activities report in terms of Additions and Deductions.

Accepted Answer

A) True 
 B)False  True

Question 2

Fiduciary funds include agency funds,private-purpose trust funds,investment trust funds,and pension (or other employee benefit)trust funds.

Accepted Answer

A) True 
 B)False  True

Question 3

Which of the following entries would be used to record the purchase of water by the General Fund?

Accepted Answer

A)  DR- Expense; CR- Due to Enterprise Fund 
B)  DR- Expenditure; CR- Due to Enterprise Fund 
C)  DR- Transfer Out; CR- Cash 
D)  DR- Due to Enterprise Fund; CR- Cash 
A)  DR- Expense; CR- Due to Enterprise Fund 
B)  DR- Expenditure; CR- Due to Enterprise Fund 
C)  DR- Transfer Out; CR- Cash 
D)  DR- Due to Enterprise Fund; CR- Cash B

Question 4

Contrast a defined benefit and defined contribution retirement plan.

Accepted Answer

A defined benefit plan provides retireme

Question 5

What fund has Required Supplementary Information including a Schedule of Funding Progress and a Schedule of Employer Contributions?

Accepted Answer

A)  Investment trust funds. 
B)  Pension trust funds. 
C)  Agency funds. 
D)  Private-purpose trust funds. 
A)  Investment trust funds. 
B)  Pension trust funds. 
C)  Agency funds. 
D)  Private-purpose trust funds.

Question 6

The categories on the Statement of Changes in Fiduciary Net Assets are Additions and Deductions.

Accepted Answer

A) True 
 B)False

Question 7

List four attributes of a Private Purpose Trust Fund.

Accepted Answer

(any 4)● Private-purpose trust funds are

Question 8

Fiduciary funds are reported in consolidated statement of Changes in Fiduciary Net Assets and Balance Sheet.

Accepted Answer

A) True 
 B)False

Question 9

Agency fund assets belong to the party or parties for which the government acts as agent.

Accepted Answer

A) True 
 B)False

Question 10

Agency funds report no revenues,expenses,or fund equity accounts.

Accepted Answer

A) True 
 B)False

Question 11

Governmental investments in equity securities that have a determinable fair value are to be reported at fair value and any unrealized gains and losses are to be reported separately from realized gains and losses in the governmental operating statements.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is true regarding fiduciary funds?

Accepted Answer

A)  Fiduciary funds are not included in the government-wide financial statements. 
B)  Fiduciary funds include agency, pension (and other employee benefit) trust, private-purpose trust, and investment trust funds. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Fiduciary funds are not included in the government-wide financial statements. 
B)  Fiduciary funds include agency, pension (and other employee benefit) trust, private-purpose trust, and investment trust funds. 
C)  Both of the above. 
D)  Neither of the above.

Question 13

Which of the following is true regarding fiduciary funds?

Accepted Answer

A)  Investment trust funds account for the internal portion of an investment pool, when a government is trustee for that pool. 
B)  Private-purpose trust funds account for resources that are administered by a government for the benefit of others, such as a fund held to distribute resources to local not-for-profit charities. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Investment trust funds account for the internal portion of an investment pool, when a government is trustee for that pool. 
B)  Private-purpose trust funds account for resources that are administered by a government for the benefit of others, such as a fund held to distribute resources to local not-for-profit charities. 
C)  Both of the above. 
D)  Neither of the above.

Question 14

GASB requires which of the following as RSI schedule(s)about pensions?

Accepted Answer

A)  Schedule of funding progress 
B)  Schedule of employer contributions 
C)  Both of the above 
D)  None of the above 
A)  Schedule of funding progress 
B)  Schedule of employer contributions 
C)  Both of the above 
D)  None of the above

Question 15

When a government is the sponsor of a multi-government investment pool and accounts for the external portion of those trust assets it is a(n):

Accepted Answer

A)  Pension Trust Fund. 
B)  Investment Trust Fund. 
C)  Private-Purpose Trust Fund. 
D)  Agency Fund. 
A)  Pension Trust Fund. 
B)  Investment Trust Fund. 
C)  Private-Purpose Trust Fund. 
D)  Agency Fund.

Question 16

The tax agency fund of Eden County collected $2,000,000 for the Eden School District,$1,000,000 for the Village of Edenton,$1,200,000 for the Eden Park District,and $700,000 for Eden County.County General Fund employees handle the collections,and a 3 percent collection fee is charged all units except the county.The amount to be remitted to the county General Fund would be:

Accepted Answer

A)  $826,000. 
B)  $126,000. 
C)  $147,000. 
D)  $747,000. 
A)  $826,000. 
B)  $126,000. 
C)  $147,000. 
D)  $747,000.

Question 17

Which of the following is not a type of interfund transaction?

Accepted Answer

A)  Interfund loans. 
B)  Interfund services. 
C)  Interfund transfers. 
D)  All of the above are interfund transactions. 
A)  Interfund loans. 
B)  Interfund services. 
C)  Interfund transfers. 
D)  All of the above are interfund transactions.

Question 18

When a contributor and a government agree that the principal and/or income of trust assets is for the benefit of individuals,organizations,or other governments,which fund is formed?

Accepted Answer

A)  Private-purpose trust. 
B)  Agency. 
C)  Investment trust. 
D)  Pension trust. 
A)  Private-purpose trust. 
B)  Agency. 
C)  Investment trust. 
D)  Pension trust.

Question 19

Which of the following is not true regarding pension accounting and reporting?

Accepted Answer

A)  Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Assets. 
B)  The pension trust fund Statement of Fiduciary Net Assets reflects the accrued actuarial liability (the excess of the projected benefit obligation over the net assets available for benefits). 
C)  Pension investments are recorded at fair (market) value. 
D)  None of the above; all are true. 
A)  Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Assets. 
B)  The pension trust fund Statement of Fiduciary Net Assets reflects the accrued actuarial liability (the excess of the projected benefit obligation over the net assets available for benefits). 
C)  Pension investments are recorded at fair (market) value. 
D)  None of the above; all are true.

Question 20

A fund that is used to account for assets held by a government acting as agent for one or more other governments units or for individuals or private organizations is a(n):

Accepted Answer

A)  Agency fund 
B)  Private-Purpose Trust Fund 
C)  Investment Trust Fund 
D)  Pension Trust Fund 
A)  Agency fund 
B)  Private-Purpose Trust Fund 
C)  Investment Trust Fund 
D)  Pension Trust Fund

Fiduciary Fund activities report in terms of Additions and Deductions.

Fiduciary funds include agency funds,private-purpose trust funds,investment trust funds,and pension (or other employee benefit)trust funds.

Which of the following entries would be used to record the purchase of water by the General Fund?

Contrast a defined benefit and defined contribution retirement plan.

What fund has Required Supplementary Information including a Schedule of Funding Progress and a Schedule of Employer Contributions?

The categories on the Statement of Changes in Fiduciary Net Assets are Additions and Deductions.

List four attributes of a Private Purpose Trust Fund.

Fiduciary funds are reported in consolidated statement of Changes in Fiduciary Net Assets and Balance Sheet.

Agency fund assets belong to the party or parties for which the government acts as agent.

Agency funds report no revenues,expenses,or fund equity accounts.

Governmental investments in equity securities that have a determinable fair value are to be reported at fair value and any unrealized gains and losses are to be reported separately from realized gains and losses in the governmental operating statements.

Which of the following is true regarding fiduciary funds?

Which of the following is true regarding fiduciary funds?

GASB requires which of the following as RSI schedule(s)about pensions?

When a government is the sponsor of a multi-government investment pool and accounts for the external portion of those trust assets it is a(n):

Which of the following is not a type of interfund transaction?

When a contributor and a government agree that the principal and/or income of trust assets is for the benefit of individuals,organizations,or other governments,which fund is formed?

Which of the following is not true regarding pension accounting and reporting?

A fund that is used to account for assets held by a government acting as agent for one or more other governments units or for individuals or private organizations is a(n):

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, debt Service, and Permanent

Proprietary Funds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 7: Fiduciary Trustfunds

Fiduciary Fund activities report in terms of Additions and Deductions.

Fiduciary funds include agency funds,private-purpose trust funds,investment trust funds,and pension (or other employee benefit)trust funds.

Which of the following entries would be used to record the purchase of water by the General Fund?

Contrast a defined benefit and defined contribution retirement plan.

What fund has Required Supplementary Information including a Schedule of Funding Progress and a Schedule of Employer Contributions?

The categories on the Statement of Changes in Fiduciary Net Assets are Additions and Deductions.

List four attributes of a Private Purpose Trust Fund.

Fiduciary funds are reported in consolidated statement of Changes in Fiduciary Net Assets and Balance Sheet.

Agency fund assets belong to the party or parties for which the government acts as agent.

Agency funds report no revenues,expenses,or fund equity accounts.

Governmental investments in equity securities that have a determinable fair value are to be reported at fair value and any unrealized gains and losses are to be reported separately from realized gains and losses in the governmental operating statements.

Which of the following is true regarding fiduciary funds?

Which of the following is true regarding fiduciary funds?

GASB requires which of the following as RSI schedule(s)about pensions?

When a government is the sponsor of a multi-government investment pool and accounts for the external portion of those trust assets it is a(n):

Which of the following is not a type of interfund transaction?

When a contributor and a government agree that the principal and/or income of trust assets is for the benefit of individuals,organizations,or other governments,which fund is formed?

Which of the following is not true regarding pension accounting and reporting?

A fund that is used to account for assets held by a government acting as agent for one or more other governments units or for individuals or private organizations is a(n):

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, debt Service, and Permanent

Proprietary Funds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters