Which of the following is NOT long term debt that would be reported in the

Which of the following is not long term debt that

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146. Which of the following is NOT long-term debt that would be reported in the government-wide statements?A) Pension liabilitiesB) Pollution remediation costsC) The pension contribution due to a state sponsored pension plan for the current yearD) Landfill closure and postclosure care: CLearning Objective: 1Topic: ClassifChapter 7True/False Questions1. The term "fiduciary funds" include agency, pension trust, investment trust, and private purpose trustfunds.: True 2. Fiduciary funds use the accrual basis of accounting.: True 3. Fiduciary funds use the current financial resource measurement focus.: False
4. Fiduciary Funds are not included in the government-wide financial statements.: True5. The Accrual Basis and Economic Resource Measurement Focus are used for Private-Purpose, Investment Trust and Pension Funds.: True6. The categories on the Statement of Changes in Fiduciary Net Position are Additions and Deductions.: True7. Fiduciary Funds are used to account for assets held by a government acting as a trustee or agent for entities external to the governmental unit: Including individuals, organizations, and other governmental units.: True8. Assets held in by a government acting as agent for one or more other governmental units or for individuals or private organizations would be reported as private purpose trust funds.: False9. Assets held in trust that are restricted to benefit the citizenry in general or in support of the reporting government's programs would be reported as permanent funds if nonexpendable.: True10. Fiduciary fund financial statements include the Statement of Fiduciary Net Position, Statement of Changes in Fiduciary Net Position, and Statement of Cash Flows.: False11. Fiduciary Fund activities report in terms of Revenues and Expenses.: False12. Fiduciary Fund activities report in terms of Additions and Deductions.: True13. The Fiduciary Funds are included in the Government-Wide Financial Statements.: False
14. Agency fund assets belong to the party or parties for which the government acts as agent.: True15. Agency fund assets are offset by liabilities equal in amount, so no fund equity exists.: True16. Agency funds report the excess of assets over liabilities as "Net Position".: False17. Fiduciary funds are reported only in the fund-basis financial statements.: True 18. Donated resources that benefit individuals or private organizations are reported in a private-purpose trust fund.: True 19. The required financial statements for agency funds include a Statement of Fiduciary Net Position, and a Statement of Changes in Fiduciary Net Position.: False 20. Unless use of an agency fund is mandated by law, by GASB standards, or by decision of the governing board of a government, an agency relationship may be accounted for within governmental and/or proprietary funds.

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