(True or false)}

Indicate whether the following statements are true or false. For any false statements, indicate why it is false.

1. If GASB Statement No. 25 is used to account for a Pension Trust Fund, there is not an actual "fund balance" account.

2. "Net assets held in trust for pension benefits" represents an excess of the liabilities of the fund over its assets.

3. On the financial statements of a Pension Trust Fund, contributions from members of the PERS are reported differently from those of the governmental unit.

4. Retirement annuity payments increase the assets of a Pension Trust Fund.

5. Financial reporting for a defined contribution pension plan is the same as that of a defined benefits plan.

6. The liability a government has for unpaid pension contributions is reported the same whether the General Fund or an Enterprise Fund is involved.

7. Financial reporting for defined benefit pension plans involves only a statement of plan net assets and a statement of changes in plan net assets.