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.