Exam 7: Fiduciary Trustfunds

Where in the Comprehensive Annual Financial Report would one find the accrued actuarial pension liability,in cases where the government has made the required annual contributions?

(Multiple Choice)

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Question 21

Which of the following would be an example of an investment trust fund?

(Multiple Choice)

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Question 22

Which of the following statements about agency funds is true?

(Multiple Choice)

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Question 23

Reporting for Defined Benefit Pension Plans requires two supplementary schedules; the Schedule of Funding Progress and the Schedule of Employers Contributions.

(True/False)

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Question 24

In an agency fund,assets are equal to:

(Multiple Choice)

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Question 25

Which is true regarding the basis of accounting for fiduciary funds?

(Multiple Choice)

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Question 26

When preparing financial statements,the internal portion of investment pools would be reported under which fund?

(Multiple Choice)

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Question 27

Which of the following is true regarding fiduciary funds?

(Multiple Choice)

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Question 28

Assets held in trust for other governmental funds or for purposes of the governmental unit would be reported as permanent funds if nonexpendable.

(True/False)

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Question 29

Pension Funds are used to account for assets provided to pension trusts.

(True/False)

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Question 30

Which of the following statements is not true regarding agency funds?

(Multiple Choice)

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Question 31

If a government had two pension plans; one a locally administered plan for which it is trustee and one a statewide plan to which it contributes; the government would report only the locally administered plan as a pension trust fund in the basic financial statements.

(True/False)

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Question 32

Unless use of an agency fund is mandated by law,by GASB standards,or by decision of the governing board of a government,an agency relationship may be accounted for within governmental and/or proprietary funds.

(True/False)

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Question 33

Jasper City is trustee for the Henry J.Moneybags Endowment Fund,created to provide scholarships for students.This is an example of which type of fund?

(Multiple Choice)

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Question 34

Which of the following statements is true about Accounting and Reporting for Defined Benefit Pension Plans?

(Multiple Choice)

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Question 35

Which of the following is not a fiduciary fund?

(Multiple Choice)

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Question 36

Defined Benefit plans are required to pay retired employees a certain amount regardless of the amount contributed to the plan.

(True/False)

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Question 37

A defined benefit plan will never have unfunded actuarial liabilities.

(True/False)

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Question 38

GASB Statement No.53 establishes reporting requirements for governments entering into derivative instruments.

(True/False)

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Question 39

Assets held in trust for other governmental funds or for purposes of the governmental unit would be reported as special revenue funds if expendable.

(True/False)

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Question 40

Showing 21 - 40 of 162

Where in the Comprehensive Annual Financial Report would one find the accrued actuarial pension liability,in cases where the government has made the required annual contributions?

Which of the following would be an example of an investment trust fund?

Which of the following statements about agency funds is true?

Reporting for Defined Benefit Pension Plans requires two supplementary schedules; the Schedule of Funding Progress and the Schedule of Employers Contributions.

In an agency fund,assets are equal to:

Which is true regarding the basis of accounting for fiduciary funds?

When preparing financial statements,the internal portion of investment pools would be reported under which fund?

Which of the following is true regarding fiduciary funds?

Assets held in trust for other governmental funds or for purposes of the governmental unit would be reported as permanent funds if nonexpendable.

Pension Funds are used to account for assets provided to pension trusts.

Which of the following statements is not true regarding agency funds?

If a government had two pension plans; one a locally administered plan for which it is trustee and one a statewide plan to which it contributes; the government would report only the locally administered plan as a pension trust fund in the basic financial statements.

Unless use of an agency fund is mandated by law,by GASB standards,or by decision of the governing board of a government,an agency relationship may be accounted for within governmental and/or proprietary funds.

Jasper City is trustee for the Henry J.Moneybags Endowment Fund,created to provide scholarships for students.This is an example of which type of fund?

Which of the following statements is true about Accounting and Reporting for Defined Benefit Pension Plans?

Which of the following is not a fiduciary fund?

Defined Benefit plans are required to pay retired employees a certain amount regardless of the amount contributed to the plan.

A defined benefit plan will never have unfunded actuarial liabilities.

GASB Statement No.53 establishes reporting requirements for governments entering into derivative instruments.

Assets held in trust for other governmental funds or for purposes of the governmental unit would be reported as special revenue funds if expendable.

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

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