52. An Agency Fund is classified as a: A) Permanent fund B) Internal service fund C) Govemmental fund D) Fiduciary fund 53. Which of the following is not a fiduciary fund? A) Pension trust fund B) Investment trust fund C) Permanent Fund D) Private purpose trust fund 54. A defined benefit pension plan is one in which: a) The employer promises specified payments to employees upon their retirement b) The specific provisions are defined by IRS code c) The specific provisions are defined by the Uniform Code of Retirement Plans d) The employee must match the company's contributions 55. A city maintains a defined contribution plan to which it agrees to contribute 6 percent of employec wages and salaries. During the year, employees earned $10 million in wages and salaries, but the government appropriated and contributed only $500,000 to the plan. The city accounts for the compensation of all employees in the general fund. The amount that the city should report as an expenditure in its general fund and as an expense in its government-wide statement is: General Fund $500,000 $500,000 $600,000 $600,000 $500,000 $600,000 $500,000 $600,000 a) b) c) d) 56. What basis of accounting is used to account for the transactions of a government's permanent fund? a) Full accrual basis of accounting. b) Modified accrual basis of accounting. c) Cash basis of accounting. d) Budgetary basis of accounting