1. Fiduciary funds include four different types of funds. Which of the following is not one of these types?
a. Agency funds
b. Tax collection funds
c. Private-purpose trust funds
d. Pension trust funds
2. Agency funds maintain accounts for:
a. Liabilities
b. Revenues
c. Fund balance
d. Expenditures
3. Funds for which a government entity has fiduciary responsibilities:
a. Must be accounted for in trust and agency funds according to GAAP
b. May be accounted for as liabilities of the general fund
c. Are infrequently encountered in accounting for governments
d. Arise whenever assets are placed in trust for particular purposes
4. If Hudack County established a separate fund entity to account for state income taxes collected and remitted to the state, the fund would likely be:
a. An agency fund
b. An internal service fund
c. An endowment fund
d. A trust fund
5. The accounting and financial reporting concepts are virtually the same for which of the following fund types?
a. Private-purpose trust funds and permanent funds
b. Permanent funds and pension trust funds
c. Pension trust funds and investment trust funds
d. Permanent funds and agency funds