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Multiple Choice Questions (15 points) 1. Which of the following characteristics is true of fiduciary funds? a. They report assigned fund balances b. Their net assets are unavailable to finance government programs C. They prepare statements of cash flows for external reporting d. Their net assets cannot have debit balances under any circumstances 2. On what basis are investments valued in the financial statements of a Pension Trust Fund? a. At cost b. At the lower of cost or market value of each individual security c. At fair value d. At actuarial value 3. What are the two components of an actuary's calculation of the required annual contribution to a Pension Trust Fund? a. The net pension obligation and the actuarial accrued liability b. The regular cost and the normal cost c. The amortization of the actuarial value of assets and the actuarial accrued liability d. The normal cost and the amortization of the unfunded actuarial accrued liability 2 - 4. When a donor makes a gift that is accounted rpose Trust Fund, which account should be credited? a. Additions - donations b. Deferred revenues c. Net appreciation in fair value of investments d. Transfers in to Private Purpose Trust Fund 5. In the statement of fiduciary net position prepared for an Investment Trust Fund, how should the equity of the participants in the investment pool be characterized? a. As fund balance b. As retained earnings C. As the excess of additions over deductions d. As net position held in trust 6. Which of the following account captions are you most likely to see on a governmental funds balance sheet? a Bonds payable b. Accumulated depreciation See on c. Inventory d. Land 7. The General Fund and other funds for which individual fund financial information is presented in separate columns in the basic governmental fund financial statements are known as a. Principal funds b. Primary funds C. Major funds d. Master funds 8. Which fund categories should be included in the fund-level financial statements? a. Governmental, proprietary, and fiduciary b. Only governmental and proprietary c. Only governmental, proprietary, and blended component units d-Only governmental, proprietary, and discretely-presented component units