Equity in a fiduciary fund is referred to as a. Net assets. b. Retained earnings. c. Fund balance. d. None of the above. An other postemployment benefit plan where assets have been placed in trust would be reported as a. An Investment Trust Fund. b. An Agency Fund. c. As a Pension and Other Employee Benefit Trust Fund. d. Part of the General Fund. e. A Permanent Fund. Which of the following activities would most likely be accounted for in an Agency Fund that would be reported in the external financial statements? a. Interfund loan payments and disbursements. b. Tax collections by a county on behalf of local municipalities. c. A Federal pass-through grant. d. All of the above activities are commonly accounted for in an Agency Fund. Which of the following statements is false about the nature and use of Agency Funds? a. An Agency Fund does not report equity. b. An Agency Fund does not have a measurement focus. c. All Agency Fund assets are owed to some person or organization. d. An Agency Fund does not have a basis of accounting. A county provides health insurance coverage for retirees up until they reach the age of 65. This type of plan is known as a. Another postemployment benefit plan. b. A deferred compensation plan. c. A simple pension plan. d. None of the above. The General Fund's share of its contribution to a Pension Trust Fund on behalf of the its employees would be reported by the General Fund as a. A transfer out. b. An expenditure. c. Another financing source. d. None of the above. The county collects property taxes for both itself and on behalf of the three municipalities within its borders. If the county collected $7,000 during the month of municipal taxes, the county would a. Report revenues of $7,000. b. Report revenues and expenses of $7,000. c. Report an increase in equity in the agency fund of $7,000. d. None of the above. e. Both items A and C. Which of the following accounts would typically not be reported in an agency fund? a. Due to Other Governments b. Taxes Receivable c. Restricted Net Assets d. Cash e. Both items A and C. The municipalities for whom the county collects property taxes paid $5,000 in administrative fees to county to cover collection costs. The county will report a. Other financing sources of $5,000 in the Agency Fund. b. Other financing sources of $5,000 in the General Fund. c. Revenues of $5,000 in the General Fund. d. Additions of $5,000 in the Agency Fund. e. Revenues of $5,000 in the Agency Fund. The data presented in defined benefit pension plan financial statements a. Include amounts based on actuarially determined information computed using a standardized pension measurement. b. Include amounts based on actuarially determined information computed using the same method that the government uses for funding purposes. c. Do not include any actuarially determined information. d. Include amounts based on actuarially determined information computed using the same method that the government uses for funding purposes if that information is computed using certain guidelines established in the standards. Which of the following are reported for a private purpose trust fund? a. Deductions b. Expenses c. Expenditures d. Both A and C. A government receives a bequest of $300,000 to establish a Private-purpose Trust Fund. The bequest should be reported as a. Additions. b. Other financing sources. c. Special items. d. Revenues. Which financial statements are required for a private purpose trust fund? a. Statement of net assets and statement of changes in net assets b. Statement of net assets, statement of revenues, expenses, and changes in retained earnings, and statement of cash flows c. Statement of net assets, statement of changes in net assets, and statement of cash flows d. Statement of net assets and statement of revenues, expenses and changes in net assets An Agency Fund is used to account for debt service on special assessment bonds a. With terms exceeding 10 years. b. That are not backed by the full faith and credit of the governmental unit unless the government guarantees the indebtedness. c. On which the government is not obligated in any manner. d. That are not backed by the full faith and credit of the governmental unit. Which types of funds are classified as fiduciary funds? a. Pension trust, permanent trust, and Agency Funds. b. Expendable trust, nonexpendable trust, pension trust, and Investment Trust Funds. c. Pension trust, private-purpose trust, investment trust, and Agency Funds. d. Pension trust, private-purpose trust, and Investment Trust Funds