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Which of the following is true regarding trust funds: O Both of the above. O Neither...
1. Which of the following is true regarding fiduciary funds? a.Fiduciary funds are reported in the...
1. Which of the following is true regarding fiduciary funds? a.Fiduciary funds are reported in the fiduciary fund financial statements but not in the government-wide financial statements. b.Custodial funds should present both a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position. c. Both are true d. Neither are true
1. Which of the following funds would be reported as a fiduciary fund in Lancaster City’s...
1. Which of the following funds would be reported as a fiduciary fund in Lancaster City’s financial statements? A. Special Revenues Fund. B. Permanent Fund. C. Private-purpose Trust Fund. D. Internal Services Fund 2. Which of the following funds of a governmental unit uses the modified accrual basis of accounting? A. Internal services fund. B. Enterprise funds. C. Special revenues funds. D. Non-expendable trust funds.
1 question 2 parts thanks Which of the following funds includes both current and non current...
1 question 2 parts thanks
Which of the following funds includes both current and non current assets? All of these funds include current and non current assets Special revenue fund Internal service fund Capital projects fund Which of the following is not an example of a fiduciary fund? O All of the Above are Fiduciary Funds Pension Trust Fund Tax Agency Fund Permanent Fund
Which of the following is true regarding pension accounting and reporting? Multiple Choice Local governments include...
Which of the following is true regarding pension accounting and reporting? Multiple Choice Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position. The Net Pension Liability reported by local governments include only the pension plans for which the local government is trustee. no liability needs to be reported for state sponsored plans in which the local government participates. Both of the above Neither of the above.
B) An auditor I9 IL C) Both A and B above. D) Neither A nor B...
B) An auditor I9 IL C) Both A and B above. D) Neither A nor B above. Which of the following is true regarding the Single Audit Act and its amendments? 13. A) All governmental entities with expenditures of federal funds in excess of $750,000 must have a single audit, if more than one program exists. B) An audit must be designed to cover 25 percent of federal funds expended, unless the organization is deemed to be low risk. C)...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O Pension trust funds are reported in the fiduciary funds of the government only if the city acts as trustee for the retirement plan. Ο The net pension liability for a city administered pension plan is reported in the Statement of Fiduciary Net Position. Ο C) Both of the choices are true. Neither of the choice is true.
Which of the following is true regarding fiduciary funds? rev: 02_18_2019_QC_CS-159267 Multiple Choice Agency funds would...
Which of the following is true regarding fiduciary funds? rev: 02_18_2019_QC_CS-159267 Multiple Choice Agency funds would be reported in both the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations. Fiduciary funds are reported in the fund basis statements and in a separate...
Which of the following is incorrect with respect to the determination of the appropriate fund in...
Which of the following is incorrect with respect to the determination of the appropriate fund in which to report the trust activities? C ) If the trust is to benefit the government or its citizenry and the principal may be expended, the appropriate trust would be a special revenue fund. C ) If the trust benefits private organizations or other governments and the principal must be maintained, the appropriate fund would be a custodial fund. C ) If the trust...
1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial...
1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial statements consist of the government-wide, the governmental fund, the proprietary fund, and the fiduciary fund financial statements (and the notes to the financial statements). b.The government-wide financial statements include the Statement of Net Position, the Statement of Activities, and the Statement of Cash Flows. c. Both are true d. Neither is true 2. Which of the following is true regarding the proprietary fund financial...
Which of the following funds typically do not record budgets? Multiple Choice O Enterprise Funds. Special...
Which of the following funds typically do not record budgets? Multiple Choice O Enterprise Funds. Special Revenue Funds. Capital Project Funds. Both enterprise funds; and Capital Project Funds. < Prev 8 of 25 Next >
1 question 2 parts thanks
Which of the following funds includes both current and non current assets? All of these funds include current and non current assets Special revenue fund Internal service fund Capital projects fund Which of the following is not an example of a fiduciary fund? O All of the Above are Fiduciary Funds Pension Trust Fund Tax Agency Fund Permanent Fund
Which of the following is true regarding pension accounting and reporting? Multiple Choice Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position. The Net Pension Liability reported by local governments include only the pension plans for which the local government is trustee. no liability needs to be reported for state sponsored plans in which the local government participates. Both of the above Neither of the above.
B) An auditor I9 IL C) Both A and B above. D) Neither A nor B above. Which of the following is true regarding the Single Audit Act and its amendments? 13. A) All governmental entities with expenditures of federal funds in excess of $750,000 must have a single audit, if more than one program exists. B) An audit must be designed to cover 25 percent of federal funds expended, unless the organization is deemed to be low risk. C)...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O Pension trust funds are reported in the fiduciary funds of the government only if the city acts as trustee for the retirement plan. Ο The net pension liability for a city administered pension plan is reported in the Statement of Fiduciary Net Position. Ο C) Both of the choices are true. Neither of the choice is true.
Which of the following is incorrect with respect to the determination of the appropriate fund in which to report the trust activities? C ) If the trust is to benefit the government or its citizenry and the principal may be expended, the appropriate trust would be a special revenue fund. C ) If the trust benefits private organizations or other governments and the principal must be maintained, the appropriate fund would be a custodial fund. C ) If the trust...
Which of the following funds typically do not record budgets? Multiple Choice O Enterprise Funds. Special Revenue Funds. Capital Project Funds. Both enterprise funds; and Capital Project Funds. < Prev 8 of 25 Next >
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