Ch 14 cost accounting.docx - 84 Which of the following is true regarding accounting for investments by state and local governmental units A Investments

Ch 14 cost accounting.docx - 84 Which of the following is...

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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 at fair 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: A) All three plans. B) The locally administered plan plus the statewide agency plan. C) Both statewide plans. D) The locally administered plan only. D) The locally administered plan only. 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. B) When making contributions from General Fund resources to the police and fire plans, the General Fund would debit Other Financing Sources-Transfers Out and the Pension Trust Fund would credit Transfers In. C) Both of the above. D) Neither of the above. 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? A) When a government provides employees a defined benefit pension plan, the government is required to present a ten year Schedule of Changes in Net Pension Liability and Related Ratios as required supplementary information B) Governmental type funds report a net pension liability representing the unfunded pension obligation. C) Both of the above. D) Neither of the above. A) When a government provides employees a defined benefit pension plan, the government is required to present a ten year Schedule of Changes in Net Pension Liability and Related Ratios as required supplementary information
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  • Spring '13
  • WILSON
  • Pension Trust Fund, Investment Trust Fund

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