Question 1

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 2

An endowment to support scholarships would most likely be accounted for in which of the following fund types?

Accepted Answer

A)  Agency Fund. 
B)  Investment Trust Fund. 
C)  Private-Purpose Trust Fund. 
D)  None of the Above. 
A)  Agency Fund. 
B)  Investment Trust Fund. 
C)  Private-Purpose Trust Fund. 
D)  None of the Above.

Question 3

Fiduciary Fund activities report in terms of Additions and Deductions.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

In both circumstances,donors have provid

Question 5

A private-purpose trust fund where the principal is not expendable,normally it is called a/an:

Accepted Answer

A)  Donation. 
B)  Endowment. 
C)  Gift. 
D)  Transfer. 
A)  Donation. 
B)  Endowment. 
C)  Gift. 
D)  Transfer.

Question 6

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 7

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 8

When a contributor and a government agree that the principal and/or income of trust assets are for the benefit of individuals,private 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 9

Fiduciary fund financial statements include the Balance Sheet and the Statement of Changes in Fiduciary Net Assets.

Accepted Answer

A) True 
 B)False

Question 10

What account should be credited in a pension trust fund to record employee contributions?

Accepted Answer

A)  Other Financing Sources 
B)  Net Assets 
C)  Pension Benefit Obligation 
D)  Additions 
A)  Other Financing Sources 
B)  Net Assets 
C)  Pension Benefit Obligation 
D)  Additions

Question 11

When a contributor and a government agree that the principle and/or income of trust assets is for the benefit of individuals,organizations,or other governments,a private-purpose trust has been formed.

Accepted Answer

A) True 
 B)False

Question 12

Property that reverts to government ownership upon the death of the owner because of a lack of identifiable heirs is termed Escheat Property.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is not an example of the function of an Agency Fund?

Accepted Answer

A)  Payment of pension benefits to retired government employees 
B)  Collection of local government sales taxes by the state government 
C)  Collection of property taxes for the school district by an elected county government official. 
D)  Periodic distribution by the state government of county sales taxes 
A)  Payment of pension benefits to retired government employees 
B)  Collection of local government sales taxes by the state government 
C)  Collection of property taxes for the school district by an elected county government official. 
D)  Periodic distribution by the state government of county sales taxes

Question 14

The City of Springfield has three pension plans: a locally administered police plan for which it is trustee,a statewide cost sharing plan,and a statewide agency plan.The City would include in its CAFR pension trust fund financial statements for:

Accepted Answer

A)  All three plans. 
B)  The locally administered plan plus the statewide agency plan. 
C)  Both statewide plans. 
D)  The locally administered plan only. 
A)  All three plans. 
B)  The locally administered plan plus the statewide agency plan. 
C)  Both statewide plans. 
D)  The locally administered plan only.

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

An endowment to support scholarships would most likely be accounted for in which of the following fund types?

Fiduciary Fund activities report in terms of Additions and Deductions.

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

A private-purpose trust fund where the principal is not expendable,normally it is called a/an:

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

Which of the following is true regarding fiduciary funds?

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

Fiduciary fund financial statements include the Balance Sheet and the Statement of Changes in Fiduciary Net Assets.

What account should be credited in a pension trust fund to record employee contributions?

When a contributor and a government agree that the principle and/or income of trust assets is for the benefit of individuals,organizations,or other governments,a private-purpose trust has been formed.

Property that reverts to government ownership upon the death of the owner because of a lack of identifiable heirs is termed Escheat Property.

Which of the following is not an example of the function of an Agency Fund?

The City of Springfield has three pension plans: a locally administered police plan for which it is trustee,a statewide cost sharing plan,and a statewide agency plan.The City would include in its CAFR pension trust fund financial statements for:

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

Filters

Exam 7: Fiduciary Trustfunds

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

An endowment to support scholarships would most likely be accounted for in which of the following fund types?

Fiduciary Fund activities report in terms of Additions and Deductions.

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

A private-purpose trust fund where the principal is not expendable,normally it is called a/an:

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

Which of the following is true regarding fiduciary funds?

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

Fiduciary fund financial statements include the Balance Sheet and the Statement of Changes in Fiduciary Net Assets.

What account should be credited in a pension trust fund to record employee contributions?

When a contributor and a government agree that the principle and/or income of trust assets is for the benefit of individuals,organizations,or other governments,a private-purpose trust has been formed.

Property that reverts to government ownership upon the death of the owner because of a lack of identifiable heirs is termed Escheat Property.

Which of the following is not an example of the function of an Agency Fund?

The City of Springfield has three pension plans: a locally administered police plan for which it is trustee,a statewide cost sharing plan,and a statewide agency plan.The City would include in its CAFR pension trust fund financial statements for:

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

Filters