Question : 104.              Which of the following statements not true regarding agency : 1255487

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

A)Agency funds use modified accrual accounting.

B)Agency funds report only assets and liabilities; no fund equities, revenues, or expenditures are recorded.

C)Agency funds are reported in the fiduciary funds Statement of Fiduciary Net Assets.

D)None of the above; all are true.

105.              Which is true regarding the basis of accounting for fiduciary funds?

A)All are accounted for using the same basis of accounting and measurement focus as proprietary funds.

B)Agency funds are accounted for using the same basis of accounting and measurement focus as governmental funds, trust funds are accounted for using the same basis of accounting and measurement focus as proprietary funds.

C)Trust funds are accounted for using the same basis of accounting and measurement focus as governmental funds, and agency funds are accounted for using the same basis of accounting and measurement focus as proprietary funds.

D)All are accounted for using the same basis of accounting and measurement focus as governmental funds.

106.              Jasper City is trustee for the Henry J. Moneybags Endowment Fund, created to provide scholarships for students.  This is an example of which type of fund?

A)Permanent.

B)Pension trust.

C)Agency.

D)Private-purpose trust.

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

A)Statement of Fiduciary Net Assets.

B)Statement of Changes in Fiduciary Net Assets.

C)Statement of Fiduciary Cash Flows.

D)None of the above; all three statements should be prepared for pension-trust funds.

108.              Pension trust fund financial statements would be found in the Comprehensive Annual Financial Report of a governmental reporting entity:

A)Only if the governmental unit desires to disclose the status of employee retirement plans to its employees.

B)In all cases when the governmental unit has an obligation to provide funding for employee retirement.

C)Only if the governmental unit is the trustee for the public employee retirement plan.

D)Whenever governmental employees have a retirement plan, whether or not the governmental unit is obligated to provide funding.

109.              Which of the following is not true regarding pension accounting and reporting?

A)Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Assets.

B)The pension trust fund Statement of Fiduciary Net Assets reflects the accrued actuarial liability (the excess of the projected benefit obligation over the net assets available for benefits).

C)Pension investments are recorded at fair (market) value.

D)None of the above; all are true.

110.Where is the actuarial liability shown in a Comprehensive Annual Financial Report for a pension trust fund?

A)The Statement of Fiduciary Net Assets.

B)The Schedule of Funding Progress (RSI).

C)The General Fund Balance Sheet only.

D)The Government-wide Statement of Net Assets.

111.When a government is the sponsor of a multi-government investment pool, the government should report the external portion of those trust assets in a(n):

A)  Pension Trust Fund.

B)  Investment Trust Fund.

C)  Private-Purpose Trust Fund.

D)  Agency Fund.

112.Which of the following is not a fiduciary fund?

A)  Private-Purpose Trust Fund.

B)  Investment Trust Fund.

C)  Pension Trust Fund.

D)  Permanent Fund.

113.Escheat property is best described as which of the following?

A)  Property possessed by a local government, but whose use is restricted by a

higher government.

B)  Property a government obtains and holds for the rightful owner in the

absence of claimants or heirs.

C)  Property gifted to the government by private citizens.

D)  Property the government obtains via eminent domain.