Exam 7: Fiduciary Trustfunds

Property that has been abandoned or property whose owners cannot be found is turned over to the state government until the legal owners can be found is known as community property.

Governments that contribute to single employer and agent multiple-employer plans compute annual pension cost as the annual required contributions.

Which of the following statements about agency funds is true?

Describe the accounting treatment of investments with determinable fair values reported in a Private-Purpose Trust Fund

Proprietary funds record unfunded pension obligations as a fund liability.

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

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.

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

Agency funds report the excess of assets over liabilities as "net assets".

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

Escheat property is best described as which of the following?

Which of the following is true regarding agency funds?

A statewide pension plan exists for all local governments in a certain state.The provisions of the plan indicate that each qualifying retiree receive 2% multiplied by the number of years active employment multiplied by the average salary for the past four years of service.The government calculates the actuarial liability on a statewide basis,not by individual government.The plan would be known as a (an):

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.

Financial reporting requirements for defined benefit pension plans include all of the following statements and schedules except?

Which of the following is not a required supplementary information schedule for pension pensions?

GASB No.53 establishes reporting requirements for governments entering into derivative instruments.What is the treatment of hedging vs.investment derivates?

The terms used for classification of items on the Statement of Changes in Fiduciary Net Assets are:

Defined contribution pension plans may report unfunded actuarial liabilities.

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?