State & Local Govt - Fiduciary Activities

Which of the following activities would most appropriately be recorded by an agency fund?

Which of the following grants received by a city would most appropriately be recorded in a "pass-through" agency fund?

Which basis of accounting best maintains the original principal of a trust?

A statement of cash flows should be prepared for which of the following fiduciary fund types?

Which of the following is the appropriate basis of accounting for an agency fund?

Fiduciary funds are accounted for in a manner similar to which of the following funds?

Under current GASB standards, how are other postemployment retirement benefits (OPEB) reported?

Which of the following statements is true regarding termination benefits?

Billing and collection of special assessments and payment of debt principal and interest on special assessment debt for which the city is not obligated in any manner should be recorded in a(an):

If special assessment receivables are recorded in the accounts of an agency fund, the appropriate account(s) to credit is(are):

Which of the following funds focuses on the measurement of economic resources using accrual accounting?

Which of the following activities would likely be accounted for in a fiduciary fund?

Which of the following funds has no net position; that is, assets always equal liabilities?

St. Bernard County levies and collects taxes for its own funds as well as several independent governments located within the county. State law permits the county to retain 1 percent of the amount of taxes collected for other governments to help defray the costs of tax administration. Which of the following would be recorded for collection fees retained by the county?

When Stoddard County levies taxes for certain of its funds, as well as for several independent governments located within the county, its tax agency fund should:

The state government received $10,000,000 in federal grants that must be distributed to cities and towns for social services based on an assessment of community need. Which of the following fund types would the state government use to account for the receipt and transfer of these monies to local governments?

An investment trust fund is used when:

Lincoln School District transferred U.S. Treasury bonds from investments held in its debt service fund to the Lincoln County Investment Pool. At the date of the transfer, the bonds had a fair market value of $1,040,000, but the carrying value in the School District's debt service fund was $1,000,000. The debt service fund of the School District would record the transfer of these securities to the investment pool with a:

Using the information from the preceding question (question 8) how would the Lincoln County Investment Trust Fund record the receipt of U.S. Treasury bonds transferred to it by the School District's debt service fund? (Recall that at the date of transfer the fair value of the bonds was $1,040,000 and the carrying value was $1,000,000.)

The City of Ashland Investment Pool has three participants, X, Y, and Z. Their relative equities in the pool at a particular point in time were 45 percent, 30 percent, and 25 percent, respectively. At the end of the year, additional investment earnings were accrued in the investment pool in the amount of $100,000 and a report of the earnings was sent to participants X, Y, and Z. To record its share of the accrued interest, participant Y will:

The City of Ashland Investment Pool has three participants, X, Y, and Z. Their relative equities in the pool at a particular point in time were 45 percent, 30 percent, and 25 percent, respectively. Near the end of the year, participant X withdrew $1,000,000 from the pool after which its share of the pool fell to 40 percent. Which of the following is a true statement after X made its withdrawal?

A local philanthropist gave the city government $1,000,000 which is to be permanently invested. Earnings, measured on the accrual basis, will be used to provide financial relief to the families of firefighters and police officers killed in the line of duty. The city should account for this endowment and its operation in a (an)

The financial position of the City Employee Retirement Fund administered by the city should be reported in the city's basic financial statements as a column in the:

Employer contributions to a Public Employee Retirement System (PERS) should be reported as:

Which of the following is part of the required supplementary information (RSI) for pension funds?

Which of the following is a correct statement concerning the evaluation of a pension trust fund?

At the government-wide level, the amount reported as pension expense each year should be the same as the:

A sound investment strategy would: