Exam 8: The Governmental Fund Accounting Cycle--Fiduciary Funds

Two sets of ratios are shown in the schedule of funding progress prepared for Pension Trust Funds: (A)the funded ratio;and (B)the unfunded actuarial accrued liability as a percentage of covered payroll.The financial status of the pension fund is said to be improving when:

Which of the following activities of a state should be accounted for in an Agency Fund?

A recent proposed changed in pension reporting is that:

In the statement of fiduciary net position prepared for an Investment Trust Fund,how should the equity of the participants in the investment pool be characterized?

Bevo County levies a property tax of $10 million. Of this amount, $6 million pertains to the activities of Bevo County's General Fund, while the other $4 million pertains to and will be remitted to the 10 villages within the County. The County anticipates that it will collect the entire $10 million that has been levied. -How much revenue should Bevo County recognize in its Agency Fund?

Which of the following resources should be accounted for in a Private Purpose Trust Fund?

What are the two components of an actuary's calculation of the required annual contribution to a Pension Trust Fund?

Securities held by an Investment Trust Fund and carried on the books at $100,000 are sold for $110,000.On receiving the cash from the sale,how should the Investment Trust Fund account for the $10,000 gain?

The City of Albertville invests the assets of several neighboring cities through its Investment Trust Fund.What account should Albertville credit when it receives money from the neighboring cities for investment purposes?

Which of the following characteristics is true of fiduciary funds?

Liberty County maintains an investment pool on behalf of certain cities within the county.When it prepares its statement of fiduciary net position at year-end,how should Liberty value the corporate securities that it holds on behalf of the cities?

Assume a pension plan's actuarially-computed liabilities are greater than the actuarial value of the assets.How does this difference between assets and liabilities affect the actuarially determined contribution to the pension plan required for the following year?

Which of the following types of pension plans results in a government bearing the risk that investments do not yield an expected return?

The City of Altoona Pension Trust Fund has assets with an actuarial value of $4,000,000,an actuarial accrued liability of $5,000,000,and an annual covered payroll of $800,000.What is the Pension Trust Fund's funded ratio?

If a government participates in a defined contribution pension plan,which of the following always will be true?