Question

1.Which of the following statements regarding the financial reporting of custodial funds is not true? Multiple...

1.Which of the following statements regarding the financial reporting of custodial funds is not true?

Multiple Choice

GASB standards allow reporting on individual custodial funds in a government’s combining fiduciary fund financial statements.

Custodial funds are included in the statement of changes in fiduciary net position.

Custodial fund financial information is reported in a separate column of the government-wide statement of activities.

Custodial activities are reported only in the fiduciary fund financial statements.

2. Billing and collection of special assessments and payment of debt principal and interest on special assessment debt for which the city is not obligated in any manner should be recorded in a(an):

Multiple Choice

Custodial fund.

Debt service fund.

Special assessment fund.

Capital projects fund.

3. Which of these fiduciary fund types is allowed to aggregate its additions and deductions provided resources received are held for no more than three months?

Multiple Choice

Private-purpose trust funds.

Pension trust funds.

4. In financial reporting for proprietary funds and at the government-wide level, the employer's pension expense for the period is equal to:

Multiple Choice

The employer's contribution.

Annual required contribution.

The change in the net pension liability adjusted for various factors including amortization of amounts related to changes in pension assumptions and differences between projected and actual earnings.

All of these are correct.

Investment trust funds.

Custodial funds.

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