Question

1.) Which of the following statements are required for a Tax Agency Fund?

Select one:

a. Statement of revenues, expenditures and changes in net assets

b. Statement of revenues, expenses, and changes in net assets

c. Statement of cash flows

d. None of the above

2.) The General Fund transfers $25,000 withheld from employee's gross pay during the last quarter to the Pension Trust Fund. Which of the following statements regarding this transaction is true?

Select one:

a. The General Fund will not report expenditures.

b. The Pension Trust Fund will report additions.

c. The Pension Trust Fund will report revenues.

d. The General Fund will report expenditures.

e. Both items a and b are true.

f. Both items c and d are true.

Answer 1

11 Tax agency fund is an account resame used to account for all tones that goverment is responsible to collect. Both, its own faces and also faves from other governments. ) for this purpose it requires. a) statement of revenues, expenditures and changes in net assets. for the Pension trust fund is created benefit of employees withhelling of $25000 towards is treated as an addition pension to pension trust fund are true @ Both ae b