Exam 7: Fiduciary Funds, Inter-fund Transactions

GASB Statement No.52 requires endowments with investment real estate to report those assets at:

______ funds are created when individuals or organizations contribute resources with the agreement that the income will be used to the citizenry or the government's programs.

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

The categories on the Statement of Changes in Fiduciary Net Position are Additions and Deductions.

Washington County assumed the responsibility of collecting property taxes for all governments within its boundaries. In order to reimburse the county for expenditures for administering the Tax Agency Fund,the Tax Agency Fund is to deduct 1.5 percent from the collections from the city and school district. The total amount deducted is to be added to the collections for the county and remitted to the County General Fund. You are to record the following transactions in the accounts of the Washington County Tax Agency Fund.

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

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

The City of Sycamore has investments in bonds. These bonds have an amortized cost of $1,996,000. At year end,the financial press reports a market value of $2,002,000 for these bonds. The original cost of the bonds was $1,992,000. The par value at maturity will be $2,000,000.The amount at which the investments would be reported is:

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

Governments offering postemployment benefits to their retired employees must present two financial statements related to their plans: the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position,as well as additional required supplementary information.

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.

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

Agency funds report no revenues,expenses,or fund equity accounts.

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.

Equity investments should be recorded at fair market value unless a government has sufficient investments in a company to apply the equity method.

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

Governments with defined benefit pension plans will report a net pension liability in the government-wide Statement of Net Position if the amount the government anticipates paying to employees in the future is greater than the net fiduciary position of the pension trust fund.

Which of the following statements is not required for pension trust funds?

What is the appropriate accounting treatment for real estate investments held in endowments (GASB Statement 52)?

A fund that is used to account for assets held by a government temporarily acting as agent for one or more other governments units or for individuals or private organizations is a(n):