Exam 7: Fiduciary Funds, Inter-fund Transactions

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.

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

Which of the following is true regarding pension accounting and reporting?

For governmental-type funds,Statement 53 (reporting of derivatives)applies only to reporting at the government-wide level,not the fund-basis statements.

A county treasurer maintains an investment pool in which several different towns in the county hold investments.Where should the towns' investments be recorded?

A ___________ is used when a contributor and a government agree that the principal and/or income of trust assets are for the benefit of individuals.

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:

Which of the following is true regarding pension accounting and reporting for state and local governments?

James McHughes gave the following to the City of Carnesville in order to establish a private-purpose trust: O Land - cost,$400,000; fair market value as of the date of the gift,$500,000. O Securities - cost,$1,600,000; fair market value as of the date of the gift,$1,800,000. The amount to be recorded as additions for gifts by the private-purpose trust fund would be:

Which of the following is true regarding agency funds?

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

Which of the following is true regarding fiduciary funds?

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

Fund net position will not be found in…

The required financial statements for agency funds include a Statement of Fiduciary Net Position,and a Statement of Changes in Fiduciary Net Position.

Contrast a defined benefit and defined contribution retirement plan.

Which of the following is true regarding the financial statements of fiduciary funds?

A government sponsoring a defined benefit pension plan changes an assumption underlying the measurement of the net pension liability. Assuming the estimated of this liability increases,how will this be reflected in the government-wide statements?

The tax agency fund of Orange County collected $7,000,000 for a school district,$3,000,000 for the county General Fund,and $5,000,000 for a municipality located in the County. County General Fund employees handle the collections,and a 2.5 percent collection fee is charged all units except the county. The total amount of revenue recognized by the county General Fund would be:

Fiduciary Funds are not included in the Government-wide Financial Statements because: