Question 1

A pension plan that is required to pay out only the amount that has been accumulated for each employee is a ________.

Accepted Answer

A)  Defined Benefit Plan. 
B)  Private-Purpose Plan. 
C)  Defined Withdrawal Plan. 
D)  Defined Contribution Plan. 
A)  Defined Benefit Plan. 
B)  Private-Purpose Plan. 
C)  Defined Withdrawal Plan. 
D)  Defined Contribution Plan.

Question 2

What are the required statements and schedules for a pension trust fund?

Accepted Answer

The financial reporting requirements inc

Question 3

Governments that contribute to single employer and agent multiple-employer plans compute annual pension cost as the unfunded actuarial liability.

Accepted Answer

A) True 
 B)False

Question 4

Escheat property,often collected by the state,is to be reported either in a private-purpose trust fund or in the fund to which the property ultimately escheats.

Accepted Answer

A) True 
 B)False

Question 5

Statement 53 (reporting of derivatives)applies to government financial statements prepared using the modified accrual basis of accounting.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following statements is not correct with respect to Agency Funds?

Accepted Answer

A)  Agency funds use modified accrual accounting. 
B)  Assets accounted for in an agency fund belong to the party or parties for which the government acts as agent. 
C)  Assets are offset by an equal amount of liabilities. 
D)  Assets and liabilities are recognized at the time the government becomes responsible for the assets. 
A)  Agency funds use modified accrual accounting. 
B)  Assets accounted for in an agency fund belong to the party or parties for which the government acts as agent. 
C)  Assets are offset by an equal amount of liabilities. 
D)  Assets and liabilities are recognized at the time the government becomes responsible for the assets.

Question 7

If a derivative is an investment derivative,the changes in the value of the derivative are deferred and reported in the statement of net assets.

Accepted Answer

A) True 
 B)False

Question 8

Derivatives include swaps,options,forward contracts and future contracts.

Accepted Answer

A) True 
 B)False

Question 9

Which of the Fiduciary Funds listed below is used to account for the assets held by a government acting as an agent for one or more other governmental units?

Accepted Answer

A)  Private-purpose Trust Fund. 
B)  Permanent Fund. 
C)  Pension Fund. 
D)  Agency Fund. 
A)  Private-purpose Trust Fund. 
B)  Permanent Fund. 
C)  Pension Fund. 
D)  Agency Fund.

Question 10

Which of the following statements regarding employer reporting of pension or other employee benefit trust funds is not correct?

Accepted Answer

A)  Contributions by the governmental funds are recorded as expenditures. 
B)  Unfunded amounts are reported in the government-wide statements. 
C)  Proprietary funds record an expense equivalent to the required contribution. 
D)  Governmental funds report unfunded amounts as a fund liability. 
A)  Contributions by the governmental funds are recorded as expenditures. 
B)  Unfunded amounts are reported in the government-wide statements. 
C)  Proprietary funds record an expense equivalent to the required contribution. 
D)  Governmental funds report unfunded amounts as a fund liability.

Question 11

Contrast the purpose of Private-purpose Trust Funds and Permanent Funds.

Accepted Answer

In both circumstances,donors have provid

Question 12

Which type of pension plan is required to pay out a certain sum,generally based on a percentage of salary upon retirement and the number of years of service?

Accepted Answer

A)  Defined Benefit 
B)  Defined Contribution 
C)  Contributory 
D)  Noncontributory 
A)  Defined Benefit 
B)  Defined Contribution 
C)  Contributory 
D)  Noncontributory

Question 13

An investment trust fund is used to account for the external portion of a multi-government investment pool,when the reporting government is trustee.

Accepted Answer

A) True 
 B)False

Question 14

In an agency fund the government is acting as an agent for another entity and therefore they do not have rights to these types of funds.

Accepted Answer

A) True 
 B)False

Question 15

Where is the actuarial liability shown in a Comprehensive Annual Financial Report for a pension trust fund?

Accepted Answer

A)  The Statement of Fiduciary Net Assets. 
B)  The Schedule of Funding Progress (RSI). 
C)  The General Fund Balance Sheet only. 
D)  The Government-wide Statement of Net Assets. 
A)  The Statement of Fiduciary Net Assets. 
B)  The Schedule of Funding Progress (RSI). 
C)  The General Fund Balance Sheet only. 
D)  The Government-wide Statement of Net Assets.

Question 16

Financial reporting requirements for a defined benefit pension plan includes a schedule of employee contributions.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is true regarding pension (and other employee benefit)trust funds?

Accepted Answer

A)  The actuarially computed Pension Benefit Obligation is reported in the Statement of Fiduciary Net Assets. 
B)  While full accrual accounting is used, the terms "additions" and "deductions" are used in the Statement of Changes in Fiduciary Net Assets in lieu of "revenues" and "expenses." 
C)  Both of the above. 
D)  Neither of the above. 
A)  The actuarially computed Pension Benefit Obligation is reported in the Statement of Fiduciary Net Assets. 
B)  While full accrual accounting is used, the terms "additions" and "deductions" are used in the Statement of Changes in Fiduciary Net Assets in lieu of "revenues" and "expenses." 
C)  Both of the above. 
D)  Neither of the above.

Question 18

Contrast the accounting and reporting of Private-purpose Trust Funds and Permanent Funds.

Accepted Answer

Private-purpose trust funds use the econ

Question 19

What is a cost sharing state pension plan?

Accepted Answer

A type of statewide retirement

Question 20

Investments in a private-purpose trust fund should generally be reported using cost basis.

Accepted Answer

A) True 
 B)False

A pension plan that is required to pay out only the amount that has been accumulated for each employee is a ________.

What are the required statements and schedules for a pension trust fund?

Governments that contribute to single employer and agent multiple-employer plans compute annual pension cost as the unfunded actuarial liability.

Escheat property,often collected by the state,is to be reported either in a private-purpose trust fund or in the fund to which the property ultimately escheats.

Statement 53 (reporting of derivatives)applies to government financial statements prepared using the modified accrual basis of accounting.

Which of the following statements is not correct with respect to Agency Funds?

If a derivative is an investment derivative,the changes in the value of the derivative are deferred and reported in the statement of net assets.

Derivatives include swaps,options,forward contracts and future contracts.

Which of the Fiduciary Funds listed below is used to account for the assets held by a government acting as an agent for one or more other governmental units?

Which of the following statements regarding employer reporting of pension or other employee benefit trust funds is not correct?

Contrast the purpose of Private-purpose Trust Funds and Permanent Funds.

Which type of pension plan is required to pay out a certain sum,generally based on a percentage of salary upon retirement and the number of years of service?

An investment trust fund is used to account for the external portion of a multi-government investment pool,when the reporting government is trustee.

In an agency fund the government is acting as an agent for another entity and therefore they do not have rights to these types of funds.

Where is the actuarial liability shown in a Comprehensive Annual Financial Report for a pension trust fund?

Financial reporting requirements for a defined benefit pension plan includes a schedule of employee contributions.

Which of the following is true regarding pension (and other employee benefit)trust funds?

Contrast the accounting and reporting of Private-purpose Trust Funds and Permanent Funds.

What is a cost sharing state pension plan?

Investments in a private-purpose trust fund should generally be reported using cost basis.

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

A pension plan that is required to pay out only the amount that has been accumulated for each employee is a ________.

What are the required statements and schedules for a pension trust fund?

Governments that contribute to single employer and agent multiple-employer plans compute annual pension cost as the unfunded actuarial liability.

Escheat property,often collected by the state,is to be reported either in a private-purpose trust fund or in the fund to which the property ultimately escheats.

Statement 53 (reporting of derivatives)applies to government financial statements prepared using the modified accrual basis of accounting.

Which of the following statements is not correct with respect to Agency Funds?

If a derivative is an investment derivative,the changes in the value of the derivative are deferred and reported in the statement of net assets.

Derivatives include swaps,options,forward contracts and future contracts.

Which of the Fiduciary Funds listed below is used to account for the assets held by a government acting as an agent for one or more other governmental units?

Which of the following statements regarding employer reporting of pension or other employee benefit trust funds is not correct?

Contrast the purpose of Private-purpose Trust Funds and Permanent Funds.

Which type of pension plan is required to pay out a certain sum,generally based on a percentage of salary upon retirement and the number of years of service?

An investment trust fund is used to account for the external portion of a multi-government investment pool,when the reporting government is trustee.

In an agency fund the government is acting as an agent for another entity and therefore they do not have rights to these types of funds.

Where is the actuarial liability shown in a Comprehensive Annual Financial Report for a pension trust fund?

Financial reporting requirements for a defined benefit pension plan includes a schedule of employee contributions.

Which of the following is true regarding pension (and other employee benefit)trust funds?

Contrast the accounting and reporting of Private-purpose Trust Funds and Permanent Funds.

What is a cost sharing state pension plan?

Investments in a private-purpose trust fund should generally be reported using cost basis.

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