Question
QUESTION 3 Which description below best describes the Pension and Other Postemployment Funds for the city of Los Angeles? The assets equal the liabilities in
QUESTION 3
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Which description below best describes the Pension and Other Postemployment Funds for the city of Los Angeles?
The assets equal the liabilities in this type of fund.
The Pension Funds have significantly less assets than they do liabilities, which is typical for these funds.
The Pension Funds have significantly less assets than they do liabilities, which is NOT typical for these funds.
The Pension Funds have significantly more assets than they do liabilities, which is typical for these funds.
The Pension Funds have significantly more assets than they do liabilities, which is NOT typical for these funds.
QUESTION 11
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Assume the city is considering transferring some of its pension fund assets to a new high interest investment pool sponsored by the State of California. How would this transaction be accounted for in the city of Los Angeles' financial statements.
As an investment in the pension fund.
As an addition in a newly created Investment Trust Fund.
Both A and B
This transaction would not be reflected in any of the funds reported in the CAFR.
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Managerial Accounting Tools for business decision making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th edition
470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144
