Question 1. 1. Which of the following is true regarding accounting for investmen

Question

Question 1.1. Which of the following is true regarding accounting for investments by state and local governmental units? (Points : 1)        Investments in securities accounted for under the equity method are to be reported at fair value

       Realized gains and losses are to be reported separately from unrealized gains and losses in the Statement of Changes in Fiduciary Net Position
       Both of the above
       Neither (A) nor (B) above Question 2.2. 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 financial statements for: (Points : 1)        All three plans
       The locally administered plan plus the statewide agency plan
       Both statewide plans
       The locally administered plan only Question 3.3. 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? (Points : 1)        The City would maintain trust funds for the police and fire plans but not the statewide plan
       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
       Both of the above
       Neither of the above Question 4.4. Impact fees imposed on commercial developers by an enterprise fund and not associated with specific projects or improvements are recorded as:. (Points : 1)        Transfers from the enterprise fund to a capital projects fund
       Operating revenues to the enterprise fund
       Capital contributions to the enterprise fund
       Unearned revenue to the enterprise fund Question 5.5. Which of the following is false regarding the cash flow statements of a proprietary fund? (Points : 1)        A reconciliation is required between the Statement of Revenues, Expenses, and Changes in Fund Net Position and the cash flows from operating activities section of the Cash Flow Statement
       Interest payments are reported as increases in cash flows from either capital and related financing or noncapital financing activities, whichever is appropriate
       Purchases of equipment would be reported in the investing section
       None of the above – these are all true Question 6.6. Which of the following is true regarding pension accounting and reporting for state and local governments? (Points : 1)        When the General Fund makes a contribution to a pension trust fund, the account “Expenditures” is debited
       The Statement of Changes in Fiduciary Net Position reports “additions” and “deductions,” computed on the accrual basis
       Both of the above
       Neither of the above Question 7.7. Proprietary funds utilize what basis of accounting? (Points : 1)        Modified accrual
       Accrual
       Cash
       Budgetary Question 8.8. Revenue bonds sold by a water utility fund, upon sale, would be recorded in an enterprise fund as: (Points : 1)        Other Financing Sources—Proceeds of Bonds
       A liability
       A direct addition to Net Assets
       Nonoperating Revenues—Proceeds of Bonds Question 9.9. GASB requires the ____________ method to report cash flows from operating activities in the Statement of Cash Flows. (Points : 1)        Indirect
       Direct
       Modified accrual
       Full accrual Question 10.10. The operations of agency funds will be included in which of the following statements? (Points : 1)        The fiduciary funds Statement of Fund Net Position
       The Statement of Changes in Net Position
       The Government-wide Financial Statements
       All of the above Question 1.1. Which of the following is true regarding accounting for investments by state and local governmental units? (Points : 1)        Investments in securities accounted for under the equity method are to be reported at fair value

       Realized gains and losses are to be reported separately from unrealized gains and losses in the Statement of Changes in Fiduciary Net Position
       Both of the above
       Neither (A) nor (B) above

Explanation / Answer

1

Which of the following is true regarding accounting for investments by state and local governmental units?

amswer is

Neither (A) nor (B) above

2

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 financial statements for:

answer is

The locally administered plan only

3 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?

answer is

The City would maintain trust funds for the police and fire plans but not the statewide plan

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.