proprietary fund$-$basis statements.

Governmental funds report net pension liabilities of governmental fund employees as a fund liability.

Question $18$

$0\mathrm{.}4$ pts

Which of the following is true regarding pension accounting and reporting?

Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position.

The Net Pension Liability reported by local governments include only the pension plans for which the local government is trustee, no liability needs to be reported for state sponsored plans in which the local government participates.

Neither of the choices is correct.

Both of the choices are correct.

$0\mathrm{.}4$ pts