Question :
84.The City of Springfield has three pension plans: a locally : 1255485
84.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:
A)All three plans.
B)The locally administered plan plus the statewide agency plan.
C)Both statewide plans.
D)The locally administered plan only.
85.The City of DeKalb contributes to three pension plans: (1) a statewide pension plan for nonuniformed personnel, (2) a locally administered plan for police officers, and (3) a locally administered plan for firefighters. The City is trustee for the plans for police officers and firefighters. Which of the following is true?
A)The City would maintain trust funds for the police and fire plans but not the statewide plan.
B)When making contributions from General Fund resources to the police and fire plans, the General Fund would debit Other Financing Sources-Transfers Out and the Pension Trust Fund would credit Transfers In.
C)Both of the above.
D)Neither of the above.
86.A statewide pension plan exists for all local governments in a certain state. The provisions of the plan indicate that each qualifying retiree receive 2% multiplied by the number of years active employment multiplied by the average salary for the past four years of service. The government calculates the actuarial liability on a statewide basis, not by individual government. The plan would be known as a (an):
A)multiple-employer, defined benefit, agency plan.
B)multiple-employer, defined contribution plan.
C)multiple-employer, defined benefit, cost-sharing plan.
D)Single employer plan.
87.Which of the following is true regarding fiduciary funds?
A)When a government is trustee for a defined benefit pension plan, two RSI schedules are required: a schedule of funding progress and a schedule of employer contributions.
B)Escheat property proceeds must be reported in either a private-purpose trust fund or the fund to which the property ultimately escheats.
C)Both of the above.
D)Neither of the above.
88.Churchville County is trustee for a multi-government investment pool and has established an investment trust fund. Included in the investment trust fund, for management purposes, are investments in the amount of $15 million from the County’s General Fund, $3 million from the County’s special revenue funds, and $112 million from other governments. Which of the following would be true?
A)The County would report $18 million in an investment trust fund.
B)The County would report the entire $130 million in an investment trust fund.
C)The County would report the $112 million in an investment trust fund, the $15 million in its General Fund, and the $3 million in special revenue funds.
D)The County would report the $112 million in an investment trust fund and the$18 million in a permanent fund.
89.Which of the following is true regarding pension (and other employee benefit) trust funds?
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.
90.The tax agency fund of Eden County collected $2,000,000 for the Eden School District, $1,000,000 for the Village of Edenton, $1,200,000 for the Eden Park District, and $700,000 for Eden County. County General Fund employees handle the collections, and a 3 percent collection fee is charged all units except the county. The amount to be remitted to the county General Fund would be:
A)$126,000.
B)$147,000.
C)$747,000.
D)$826,000.
91.Which of the following is not true regarding postemployment benefit plans other than pension plans?
A)Most governments have operated on a pay-as-you-go basis, leaving such plans underfunded.
B) GASB Statement No. 43, Financial Reporting for Postretirement Benefit Plans Other Than Pension Plans, requires that such plans be fully funded.
C)Similar to pensions, governments are required to present two financial statements, the Statement of Plan Net Assets and the Statement of Changes in Plan Net Assets.
D)Two schedules must be included as required supplementary information: the Schedule of Funding Progress and the Schedule of Employer Contributions.
92.James McHughes gave the following to the City of Carnesville in order to establish a private-purpose trust:
A)$2,000,000.
B)$2,100,000.
C)$2,200,000.
D)$2,300,000.
93.Which of the following is true regarding the reporting of investments by state and local governmental units?
A)Investments, for which a determinable fair value can be obtained, are to be reported at fair value.
B)Realized and unrealized gains and losses are to be combined in the relevant operating statement (for example, the Statement of Changes in Fiduciary Net Assets).
C)Both of the above.
D)Neither of the above.
