1.

According to GAAP for Pension Trust Funds, which of the following is true?

Select one:

a. Revenues must be transferred to a third-party administrator.

b. Payments of resources are recorded as deductions.

c. There is no concept of fund balance or net position.

d. All disbursements must be made to the General Fund.

e. None of the above

2.

A government sponsors a defined benefit pension plan for which it accumulates resources in a Pension Trust Fund that meets GASB requirements. Which of the following should be reported in its proprietary fund statement of net position to report its pension obligation?

Select one:

a. Total pension liability

b. Net pension liability

c. Actuarially determined contribution liability

d. Pension obligation

e. None of the above

3.

Which of the following arrangements results in an employer promising a former employee a fixed pension payment each month?

Select one:

a. Defined benefit plan

b. Defined contribution plan

c. Optional retirement plan

d. Both a. and b.

e. None of the above

4.

Financial statements for a Pension Trust Fund

Select one:

a. Are included with proprietary funds in the sponsoring governments annual financial report.

b. Are included with fiduciary funds in a sponsoring governments annual financial report.

c. Are included in a separate column in the sponsoring governments government-wide financial statements.

d. Are not included in a sponsoring governments annual financial report

5.

What type of Pension Trust Fund account should be credited for contributions to the trust fund?

Select one:

a. A revenue account

b. An expenditure account

c. An additions account

d. A net assets account