84. Which of the following is true regarding accounting for investments by state and local governmental units?A) Investments in securities accounted for under the equity method are to be reported atfair value.B) Realized gains and losses are to be reported separately from unrealized gains and losses in the Statement of Changes in Fiduciary Net Position.C) Both of the above.D) Neither A nor B above.D) Neither A nor B above.
85. The City of Springfield has three pension plans: a locally administered police plan for which it is trustee, a statewide cost sharing plan, and a statewide agency plan. The City would include in its CAFR pension trust fund financial statements for:
The City of DeKalb contributes to three pension plans: (1) a statewide pension plan for nonuniformed personnel, (2) a locally administered plan for police officers, and (3) a locally administered plan for firefighters. The City is trustee for the plans for police officers and firefighters. Which of the following is true?
A) The City would maintain trust funds for the police and fire plans but not the statewide plan.Which of the following is true regarding fiduciary funds?