Question : 94.Which of the following true regarding pension accounting and reporting : 1255486

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

A)When the General Fund makes a contribution to a pension trust fund, the account “Expenditures” is debited.

B)The Statement of Changes in Fiduciary Net Assets reports “additions” and “deductions,” computed on the accrual basis.

C)Both of the above.

D)Neither of the above.

95.When accounting for other postemployment benefits, the OPEB obligation for employees of governmental activities is:

A)Reported in the government-wide statements, but not the fund basis statements.

B)The cumulative difference between the amount funded and the annual required contribution.

C)Both A and B.

D)Neither A nor B.

96.Clinton County maintains an investment trust fund for the investments of governments within its borders.  All the investments had determinable fair values.  Which of the following is true regarding investment trust funds and investments in general?

A)Clinton County would report the investments of the other governments at fair value in the investment trust funds.

B)Clinton County would report its own investments at fair value in the investment trust funds.

C)Both of the above.

D)Neither of the above.

97.In an agency fund, assets are equal to:

A)Liabilities + Net Assets

B)Net Assets

C)Liabilities

D)There are no assets in an Agency Fund

98.Which of the following statements about agency funds is true?

A)An agency relationship that usually results in the creation of an agency fund is the collection of taxes and other revenues by an official of one governmental unit for other governmental units.

B)GASB mandates that governments report special assessment resources in an agency fund only if the reporting government has no obligation to assume debt service on special assessment debt in the event property owners’ default but merely perform the functions of billing and collecting the special assessments and paying interest and principal on the special assessment debt.

C)Both of the above.

D)Neither of the above.

99.The operations of agency funds will be included in which of the following statements?

A)The fiduciary funds Statement of Fiduciary Net Assets

B)The Statement of Changes in Fiduciary Net Assets

C)The Government-wide Financial Statements

D)All of the above

100.              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?

A)Defined Benefit

B)Defined Contribution

C)Contributory

D)Noncontributory

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

A)Other Financing Sources

B)Net Assets

C)Pension Benefit Obligation

D)Additions

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

A)Schedule of funding progress

B)Schedule of employer contributions

C)Schedule of employee contributions

D)None of the above, all of these are required.

103.              Which of the following funds is used to account for the external portion of investment pools?

A)Special Revenue Fund

B)Investment Trust Fund

C)Enterprise Fund

D)Private-purpose Trust Fund