Exam 7: Fiduciary Trustfunds

If a government is liable for payment of special assessment debt in the event of default by the property owners,then an agency fund must be used to account for the proceeds of the special assessment.

(True/False)

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Question 41

Which of the following funds is used to account for the external portion of investment pools?

(Multiple Choice)

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Question 42

Investment Trust Funds account for only the external portion of investment pools.

(True/False)

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Question 43

Unfunded pension obligations are not reported in the fund-basis statements for governmental funds.

(True/False)

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Question 44

Which of the following is true regarding accounting for investments by state and local governmental units?

(Multiple Choice)

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Question 45

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:

(Multiple Choice)

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Question 46

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

(Multiple Choice)

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Question 47

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

(Multiple Choice)

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Question 48

How are Fiduciary Funds presented in the Government-wide Financial Statements?

(Multiple Choice)

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Question 49

Which of the follow schedules are required to be included in RSI of governments that provide pension trust funds and other post employment benefits:

(Multiple Choice)

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Question 50

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

(Multiple Choice)

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Question 51

The City of DeKalb contributes to three pension plans: (1)a statewide pension plan for nonuniformed personnel,(2)a locally administered plan for police officers,and (3)a locally administered plan for firefighters.The City is trustee for the plans for police officers and firefighters.Which of the following is true?

(Multiple Choice)

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Question 52

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.

(True/False)

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Question 53

An endowment that is for the benefit of individuals and not the government controlling the funds should be accounted for using a private-purpose trust fund.

(True/False)

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Question 54

Pension trust funds are required to present a Schedule of Funding Progress and a Schedule of Employer Contributions as required supplementary information.

(True/False)

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Question 55

When a government is the sponsor of a multi-government investment pool,the government should report the external portion of those trust assets in a(n):

(Multiple Choice)

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Question 56

An endowment to provide scholarships would be reported in a Private-purpose Trust Fund.

(True/False)

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Question 57

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?

(Multiple Choice)

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Question 58

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

(Multiple Choice)

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Question 59

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

(True/False)

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Question 60

Showing 41 - 60 of 154

If a government is liable for payment of special assessment debt in the event of default by the property owners,then an agency fund must be used to account for the proceeds of the special assessment.

Which of the following funds is used to account for the external portion of investment pools?

Investment Trust Funds account for only the external portion of investment pools.

Unfunded pension obligations are not reported in the fund-basis statements for governmental funds.

Which of the following is true regarding accounting for investments by state and local governmental units?

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

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

How are Fiduciary Funds presented in the Government-wide Financial Statements?

Which of the follow schedules are required to be included in RSI of governments that provide pension trust funds and other post employment benefits:

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

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.

An endowment that is for the benefit of individuals and not the government controlling the funds should be accounted for using a private-purpose trust fund.

Pension trust funds are required to present a Schedule of Funding Progress and a Schedule of Employer Contributions as required supplementary information.

When a government is the sponsor of a multi-government investment pool,the government should report the external portion of those trust assets in a(n):

An endowment to provide scholarships would be reported in a Private-purpose Trust Fund.

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 is not correct with respect to Agency Funds?

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

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

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

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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