Fiduciary Funds

Question 1

For all fiduciary funds, the statement of cash flows ________ required

Answer 1

is not

Question 2

JE to record money from other funds being transfer to the pension trust fund

Answer 2

DR: cash
CR: additions: employer contribution - restricted

Question 3

JE of a GRaSPP fund transferring money to a pension trust fund

Answer 3

DR: expenditures
CR: cash

Question 4

JE of a SE-PAPI fund transferring money to a pension trust fund

Answer 4

DR: expenses
CR: cash

Question 5

Fiduciary funds are ______ funds

Answer 5

trust

Question 6

_______ of pension trust funds frequently include benefit payments, refunds, and admin expenses

Answer 6

expenses

Question 7

Pension trusts capitalize ____ ______ and record related _______ expense. They also carry _______

Answer 7

fixed assets; depreciation; LTD

Question 8

Collects cash to be held temporarily for an authorized recipient to whom it will be later disbursed. The recipient may be another fund or some individual or firm or even government outside of the government

Answer 8

agency trust fund

Question 9

JE to record county collections and retaining of a fee (%)

Answer 9

DR: cash
CR: due to other units (towns)
CR: due to county general fund

Question 10

If there is no monitoring, the ______ fund is used

Answer 10

agency

Question 11

If there is monitoring, the ____ ______ fund is used

Answer 11

special revenue

Question 12

When there is no liability for special assessments, the _____ fund is used

Answer 12

agency

Question 13

When there is liability for special assessments, the _____ ______ and _____ _____ funds

Answer 13

capital projects; debt service

Question 14

For agency funds, there is no ____ _____ in the balance sheet (just assets = liabilities, no ____ ______ and no ______________

Answer 14

net position; income statement; statement of cash flows

Question 15

Designated fund for reporting all other trust arrangements under which principal and income are for the benefit of one of the following: specific individuals, private organizations, and other governments

Answer 15

private purpose funds

Question 16

For private purpose funds, capital gains and losses are recorded as adjustments to _______ principal and not to income

Answer 16

fund

Question 17

When a restricted fund is for public use and both interest and principal are available for spending, the ______ ______ fund is used

Answer 17

special revenue

Question 18

When a restricted fund is for public use and only interest is used for spending, the ________ fund is used

Answer 18

permanent

Question 19

When a restricted fund is for private use and both interest and principal are available for spending, the ______ ______ fund is used

Answer 19

private purpose

Question 20

The fund established so that a government entity that sponsors one or more external investment pools should report the external portion of each pool as a separate ________ trust fund

Answer 20

investment (2)

Question 21

Routine employer contributions to a pension trust fund are expenditures of the _______ fund.

Answer 21

general

Question 22

The ______ fund bears the cost of funding the pension plan

Answer 22

general

Question 23

Two statements required for investment trust funds:

Answer 23

statement of fiduciary net position & statement of changes in fiduciary net position