Ashford 4: Week 3 - Quiz

I attached file here and it is a sample quiz. Please let me know as fast as possiple. I have to do the real one just before 8 pm pc time.

thank you

1. What can you learn from the "funded ratio" in the financial report of a Pension Trust Fund? (Points : 1) the relationship between the amounts paid into the Pension Trust Fund by employers and the amounts that should have been paid into the Fund the relationship between the amounts paid into the Pension Trust Fund by employers and the amounts paid into the Fund by the employees the relationship between the actuarial value of assets in the Pension Trust Fund and the present value of the benefits earned by the employees (calculated using the plan's funding method) the relationship between the actuarial value of assets in the Pension Trust Fund and the total annual payroll of the employees covered by the pension plan Question 2.2. A Pension Trust Fund prepares two financial statements and two supplementary schedules. Where does the obligation (calculated by the actuary) for the total benefits earned by employees and retirees, as of a specific point in time, appear? (Points : 1) 1. in the Statement of Fiduciary Fund Net Asset 2. in the Schedule of Funding Progress 3. in both the Statement of Fiduciary Fund Net Assets and the Schedule of Funding Progress 4. in the Statement of Changes in Fiduciary Fund Net Assets Question 3.3. Which of the following characteristics is true of fiduciary funds? (Points : 1) 1. 2. 3. 4. they report restricted fund balances their net assets are unavailable to finance government programs they prepare statements of cash flows for external reporting their net assets cannot have debit balances under any circumstances Question 4.4. A county, that did not previously have a property tax levies a property tax for $900,000 in December 2007. The tax is for the budget year January 1 - December 31, 2008. Because it sends out the bills on December 1, it actually collects $500,000 in cash before December 31,2007. It collects an additional $375,000 of 2008 property taxes during calendar year 2008, $20,000 during January 1 February 28, 2009, and the remaining $5,000 in June 2009. How much property tax revenue should the county report in its 2008 fund and government-wide financial statements? Fund Government-wide Statements $375,000 Statements (Points : 1) $400,000 $875,000 $900,000 $875,000 $895,000 $895,000 $900,000 Question 5.5. The Basic Financial Statements, as defined for governments, do not include which of the following components? (Points : 1) 1. 2. 3. 4. government-wide financial statements notes to the financial statements fund financial statements combining financial statements Question 6.6. An entity can be a component unit of how many primary governments in the same fiscal year? (Points : 1) 1 2 3 4 or more Question 7.7. What are the two components of an actuary's calculation of the required annual contribution to a Pension Trust Fund? (Points : 1) 1. 2. 3. 4. the net pension obligation and the actuarial accrued liability the regular cost and the normal cost the amortization of the actuarial value of assets and the actuarial accrued liability the normal cost and the amortization of the unfunded actuarial accrued liability Question 8.8. In the federal government, which organizations make appropriations and which make apportionments? (Points : 1) 1. The Congress makes appropriations, and department heads apportion the appropriations to individual agencies or divisions within the department. 2. The Congress makes appropriations, and the Treasury Department appropriates to individual departments the total amount apportioned by the Congress. 3. The President makes appropriations, and department heads periodically apportion parts of the appropriations to agencies in the department. 4. The Congress makes appropriations, and the Office of Management and Budget periodically apportions parts of the appropriations to departments. Question 9.9. In accordance with a bond agreement, assets are being accumulated in a sinking fund to pay bonds due in 20 years. The assets are reported as Investments. What other information should be reported about that item on the face of the government-wide financial statements? (Points : 1) 1. 2. 3. 4. It should be reported as part of net assets invested in capital assets, net of related debt It should be reported as part of net assets restricted for debt service It should be reported as part of net assets reserved for debt service It should be reported as part of fund balance reserved for debt service