Acct 365 Exam 2

80 Questions  I  By Zdavis5291
Please take the quiz to rate it.

Online Exam Quizzes & Trivia
Test Bank For ACCT 365 Exam 2

  
Changes are done, please start the quiz.


Questions and Answers

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
  • 1. 
    Under GASB standards, which of the following would be considered an example of an intangible asset?
    • A. 

      A lake located on city property

    • B. 

      Water Rights associated with the springs that supple water to the lake

    • C. 

      Th citys irrigation system

    • D. 

      None of the above


  • 2. 
    Which of the following statements regarding capital assets is not true
    • A. 

      Proprietary funds routinely account for capital assets used in their operations

    • B. 

      Fiduciary funds do not account for property plant and equipment

    • C. 

      Because governmental funds account only for current financial resouces

    • D. 

      General capital assets purchased or constructed with govemental fund resources are recorded in the governmental activities ledger.


  • 3. 
    A capital projects fund would probalby not be used for which of the following assets
    • A. 

      Conctruction and installation of new shelving in the mayors office

    • B. 

      Financing and construction of three new fire substations

    • C. 

      Purchase and installation of entity wide integrated computer system

    • D. 

      Replacing a bridge


  • 4. 
    Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets
    • A. 

      Depreciation on eligle infrastructure assets need not be recoreded for informational purposes only

    • B. 

      Depreciation on eligible infrastructure assests must be recorded for informational purposes only

    • C. 

      The govt must document that it is maintaining eligible infrastructure assets at the condition level prescribed by GASB

    • D. 

      All of the above


  • 5. 
    A county issued bonds for the purpose of constructing a new county recreation center. What is included in the journal entry?
    • A. 

      A. credit to bonds payable in the capital projects fund

    • B. 

      B. credit to other financing sources- proceeds of bonds in the capital projects fund

    • C. 

      C. credit to other financing sources- premium on bonds in the debt service fund

    • D. 

      Both B and C are correct


  • 6. 
    Centerville enters into  a capital lease for new copiers in all its city hall offices. In the general fund, it should report:
    • A. 

      Equipment blaances equal to the lease payments made during the year

    • B. 

      Capital expenditures equal to the lease payments made during the year

    • C. 

      Equipment balances equal to the capitlizaiton costs

    • D. 

      Capital expenditures equal to the capitilizable cost of the fixed asset regardless of the amount of lease payments made during the year


  • 7. 
    The following balances are included in the subsidiary records of carrollwood. Town hall Building; 500,000 Town Pool:  100,000 Police Cars: 20,000 Equipment: 7.500 Office Supplies: 1.000 What is the total amount of capital assets held by the town?
    • A. 

      527,500

    • B. 

      528,500

    • C. 

      627,500

    • D. 

      628,500


  • 8. 
    Which of the following would not be considered a general long-term liability?
    • A. 

      The estimated liablility to clean up fuel and hazardous waste

    • B. 

      Capitalized equipment leases of the water utility fund

    • C. 

      Compensated absences for the citys police department

    • D. 

      Five-year notes payable used to acquire computer equipment


  • 9. 
    Proceeds from the bonds issued to construct a new county jail would most likely be recorded in the journal of the:
    • A. 

      Capital projects fund

    • B. 

      Debt service fund

    • C. 

      General fund

    • D. 

      Enterprise fund


  • 10. 
    The liability for long term debt issued to finance a capital project will appear in which financial statement?
    • A. 

      Government wide financial statement

    • B. 

      Capital projects fund balance sheet

    • C. 

      Debt service fund balance sheet

    • D. 

      General fund balance sheet


  • 11. 
    What is the interest EXPENSE for problem 4 and 5 in CH 6
    • A. 

      90,000

    • B. 

      135,000

    • C. 

      150,000

    • D. 

      None of the above


  • 12. 
    What is the interest EXPENDITURE for problem 4 and 5 in CH 6
    • A. 

      90,000

    • B. 

      135,000

    • C. 

      150,000

    • D. 

      None of the above


  • 13. 
    Debt service funds may be used to account for all of the following except:
    • A. 

      Repayment of debt principal

    • B. 

      Lease payments under capital leases

    • C. 

      Amortization of premiums on bonds payable

    • D. 

      The proceeds of refunding bond issues


  • 14. 
    Expenditures for redemption of principal of tax supported bonds payable should be recorded in a debt service fund:
    • A. 

      When the bonds are issued

    • B. 

      When the bond principal is legally due

    • C. 

      When the redemption checks are written

    • D. 

      Any of the above, if consistently followed


  • 15. 
    Which of the following items would be reported in the governmental activities column of the government wide financial statements?
    • A. 

      Premium on bonds payable: YES Noncurrent portion of general long term liabilities payable: NO

    • B. 

      Premium on bonds payable: NO Noncurrent portion of general long term liabilities payable: NO

    • C. 

      Premium on bonds payable: NO Noncurrent portion of general long term liabilities payable: YES

    • D. 

      Premium on bonds payable: YES Noncurrent portion of general long term liabilities payable: YES


  • 16. 
    The liability for special assesment bonds for which the city is not obligated in any manner should be recorded in a(n):
    • A. 

      Debt service general journal

    • B. 

      Agency fund general journal

    • C. 

      Governmental activities general journal

    • D. 

      None of the fund or governmental activities general journals, but should be disclosed in the notes to the financial statements


  • 17. 
    Which of the following statements regarding debt service funds is true?
    • A. 

      Given the size and relevance, debt service funds are always reported as major funds

    • B. 

      GASB standards require a seperate debt service fund to be established for each issuance of tax supported or special assessment debt

    • C. 

      A long term service fund is used only for debt service activities related to general long term liabilities

    • D. 

      Annual budgets must be prepared for debt service funds and reported in the statement of reveneues


  • 18. 
    Within the government wide financial statements, the column for business type activities will generally include:
    • A. 

      Internal service funds only

    • B. 

      Enterprise funds only

    • C. 

      All internal service fund nad enterprise fund trnasactions added together


  • 19. 
    Which of the following would most likely be accounted for in an internal service fund?
    • A. 

      City golf courses

    • B. 

      The citys investments

    • C. 

      An asphalt plant used to supply the asphalt needed to resurface the citys streets

    • D. 

      Proceeds from an endowement that are used to maintain citys cemetaries


  • 20. 
    The comuter services department operates as an internal service fund. It has billed parks and rec for 3,000 for the services provided, how would this be shown at the government wide level?
    • A. 

      It would increase in govermental activities expense of 3,000

    • B. 

      It would increase governmental activities internal balances of 3,000

    • C. 

      It would increase business type activities revenues of 3,000

    • D. 

      There would be no increase in governmental acitivities


  • 21. 
    Which of the following events would generally be classified as non operating on an enterprise funds statement of revenues, expenses, and changes in net position?
    • A. 

      Billing other funds of the same government for services

    • B. 

      Loss on sale of a piece of equipment

    • C. 

      Depreciation expense

    • D. 

      Administrative expense


  • 22. 
    Receipts: Operations of water supply plant: 4,000,000 Operations of transit system: 800,000 What amounts should be reported as operating revenues of dardens enterprise funds?
    • A. 

      4,800,000

    • B. 

      4,000,000

    • C. 

      800,000

    • D. 

      0


  • 23. 
    Under GASB standards which of the following events would be classified as an  investing activity on a proprietary funds statement of cash flows?
    • A. 

      Interest earned on certificates of deposit held by proprietary fund

    • B. 

      Purchase of equipment for use by proprietary fund

    • C. 

      Grant received to construct a building that will be used by the fund

    • D. 

      All of the above would be considered investing acitivities


  • 24. 
    The proceeds of tax supported bonds issued for the benefit of an enterprise fund and being serviced by a debt service fund:
    • A. 

      Should not be reported by the enterprise fund at all

    • B. 

      Should be reported in the notes to the enterprise fund statements but not in the body of any of the statements

    • C. 

      Should be reported in the enterprise fund long term debt

    • D. 

      Should be reported in the enterprise fund as a contribution or interfund transfer in the statement of revenues expenses and changes in net position


  • 25. 
    During the year an enterprise fund purchased 230,000 worth of equipment. the equipment was acquired with  cash down payment of 23,000 and a 207,000 loan. what is the net effect of this transaction on the net position accounts of the enterprise fund?
    • A. 

      Net investment in capital assests is increased by 23,000

    • B. 

      Net investment in capital assests is increased by 230,000

    • C. 

      Net investment in capital assests is increased by 207,000

    • D. 

      Net investment in capital assests is decreased by 207,000


  • 26. 
    Long term liabilities at year end: Revenue bonds to be repaid from tolls collected: 250,000 General obligation bonds issued for the water utility: 200,000 What amount should be recorded as long term liabilities in the proprietary fund financial statements?
    • A. 

      0

    • B. 

      200,000

    • C. 

      250,000

    • D. 

      450,000


  • 27. 
    Which of the following is not a fiduciary fund?
    • A. 

      Permanent fund

    • B. 

      Private purpose trust fund

    • C. 

      Investment trust fund

    • D. 

      Agency fund


  • 28. 
    Which of the following is an example of a trust fund?
    • A. 

      A fund used to account for the collection and distribution of taxes to several local governments

    • B. 

      A fund used to distribute scholarships to the children of the citys police officers

    • C. 

      A fund used to account for gasoline taxes collected for road maintenence

    • D. 

      A fund used to account for risk management


  • 29. 
    Which of the following financial statements is prepared by fiduciary funds?
    • A. 

      Statement of net positions

    • B. 

      Statement of activities

    • C. 

      Statement of cash flows

    • D. 

      All of the above


  • 30. 
    At the government wide level, where are fiduciary funds reported?
    • A. 

      In the governmental activities column

    • B. 

      In the business type activities column

    • C. 

      As an internal balance in the total column

    • D. 

      Fiduciary funds are not reported at the government wide level


  • 31. 
    Debt service related to the special assesment debt used to install the sidewalks should be recorded in what fund type?
    • A. 

      Private purpose trust fund

    • B. 

      Debt service fund

    • C. 

      Agency fund

    • D. 

      Capital projects fund


  • 32. 
    An investment trust fund is used to report the net position available to the:
    • A. 

      Sponsoring government only

    • B. 

      External participants only

    • C. 

      Financial institution that acts as custodian for the fund investments

    • D. 

      All of the above


  • 33. 
    How are agency funds reported in the general purpose financial statements?
    • A. 

      Agency funds are reported in the statement of changes in fiduciary net position

    • B. 

      Agency funds are reported in the govenmental activities column

    • C. 

      Agency funds are reported in the business type activities column

    • D. 

      Governments may opt to prepare a combining statement of net position to display the assets and liabilitities of individual agency funds


  • 34. 
    Fiduciary funds:
    • A. 

      Are accounted for using the accrual basis of accounting

    • B. 

      Include trust, agency, and permanent funds

    • C. 

      Are not included in a governments CAFR

    • D. 

      Cannot recognize investment gains until associated investment is sold


  • 35. 
    The citys general fund should report an expenditure for its annual pension contrubution to a defined benfit pension plan in an amount equal to the:
    • A. 

      Annual required contribution

    • B. 

      Annual pension cost

    • C. 

      Net pension obligation

    • D. 

      Actual contribution


  • 36. 
    Which OPEB financial report or schedule would help in determining whether OPEB in underfunded?
    • A. 

      Statement of plan net position

    • B. 

      Statement of changes in plan net poisition

    • C. 

      Schedule of funding progress

    • D. 

      Schedule of employer contributions


  • 37. 
    The members of the library board of the city of fayateville are appointed by the city council, which has agreed to finance any operating deficits of the library. Under these conditions:
    • A. 

      The city is a primary governement

    • B. 

      The library in a component unit

    • C. 

      Financial information of the library should be reported as part of the reporting entity

    • D. 

      All of the above


  • 38. 
    The comprehensive annual financial report (CAFR) of a governmental reporting entity should contain a statement of revenues, expenditures, and changes in fund balances for:
    • A. 

      Governmental funds: YES Proprietary funds: NO

    • B. 

      Governmental funds:YES Proprietary funds:YES

    • C. 

      Governmental funds: NO Proprietary funds:YES

    • D. 

      Governmental funds:NO Proprietary funds:NO


  • 39. 
    The comprehensive annual financial report (CAFR) of a governmental reporting entity should contain a statement of cash flows for:
    • A. 

      Governmental funds: YES Proprietary funds: NO

    • B. 

      Governmental funds: YES Proprietary funds: YES

    • C. 

      Governmental funds: NO Proprietary funds: YES

    • D. 

      Governmental funds: NO Proprietary funds: NO


  • 40. 
    Which of the following terms would be used when describing a primary government?
    • A. 

      Fiscally independent

    • B. 

      Legally separate organization

    • C. 

      Separately elected governing body

    • D. 

      All of the above


  • 41. 
    Which of the following criteria regarding the relationship between a legally separate, tax exempt organization and a primary government would lead to the separate organization being reported as a component unit?
    • A. 

      A. the primary government appoints the voting majority of the separate organization's board of directors

    • B. 

      B. the primary government is entitled to or has the ability to otherwise access a majority of the economic resources recieved or held by the separate organization

    • C. 

      The tax exempt organization is registered in the state where the primary government is located

    • D. 

      Both a and b must be met


  • 42. 
    A comprehensive annual financial report (CAFR) genrally would include all of the following sections except:
    • A. 

      Audit section

    • B. 

      Financial section

    • C. 

      Statistical section

    • D. 

      Introductory section


  • 43. 
    In  government funds balance sheet, prepared in conformity with GAAP, a seperate column is provided for each:
    • A. 

      Fund type

    • B. 

      Major fund

    • C. 

      Government

    • D. 

      Significant fund


  • 44. 
    Which of the following would not be included as a reconciling item in reconciling governmental fund financial statements to the government wide financial statements
    • A. 

      Bond issuances are reported as an other financing source in a governmental fund but as a long term liability in the government wide financial statements

    • B. 

      Interest expense paid on short term notes

    • C. 

      Acquisition of capital assets is reported as an expenditure in the governmental fund statements but as capital assets in the govt wide statements

    • D. 

      Depreciation of capital assets


  • 45. 
    A positive unassigned fund balance can be found in which of the following funds?
    • A. 

      Special revenue fund

    • B. 

      Debt service fund

    • C. 

      General fund

    • D. 

      All of the above


  • 46. 
    Which of the following is generally considered an other comprehensive basis of accounting (OCBOA) acceptable for governments?
    • A. 

      Cash

    • B. 

      Budgetary

    • C. 

      Accrual

    • D. 

      Reserve cash


  • 47. 
    1.  Combining financial statements for nonmajor funds of a government should be included:
    • A. 

      A. In the basic financial statements.

    • B. 

      B. In the notes to the financial statements.

    • C. 

      C. As a part of the financial section of the CAFR.

    • D. 

      D. As part of the statistical section of the CAFR.


  • 48. 
    2. Which of the following would not be included within the financial section of the CAFR?
    • A. 

      A. Letter of transmittal.

    • B. 

      B. Management's discussion and analysis.

    • C. 

      C. Independent auditor's report.

    • D. 

      D. Required supplementary information.


  • 49. 
    3. Which of the following kinds of information would not be provided by MD&A?
    • A. 

      A. A narrative explanation of the contents of the CAFR.

    • B. 

      B. A description of the government's financial condition.

    • C. 

      C. A forecast of revenues and expenditures for the next three fiscal years.

    • D. 

      D. A discussion of economic factors and the budget and tax rates approved for the next year.


  • 50. 
    4. Which of the following is not a category found in the statistical section of the comprehensive annual financial report (CAFR)?        
    • A. 

      A. Expenditure trend information.

    • B. 

      B. Revenue capacity information

    • C. 

      C. Demographic and economic information

    • D. 

      D. Debt capacity information.


  • 51. 
      5.  Under GASB standards, where are nonmajor funds reported?
    • A. 

      A. In the government-wide financial statements.

    • B. 

      B. In a note disclosure following the financial statements.

    • C. 

      C. In the management's discussion and analysis preceding the financial statements.

    • D. 

      D. In aggregate amounts in a single column in the fund financial statements.


  • 52. 
    6. Basic City's library board is appointed by the city council which has agreed to subsidize the operating costs of the library at a material amount to be determined each year.  In addition, the city is paying debt service on general obligation bonds issued to construct the library. Based on GAAP criteria for defining the reporting entity:
    • A. 

      A. The library is a special purpose government.

    • B. 

      B. The library is a component unit.

    • C. 

      C. The library is a joint venture.

    • D. 

      D. The library is a jointly governed organization.


  • 53. 
    7. Both general purpose and special purpose governments could be considered examples of primary governments under GAAP. A. True. B. False.
    • A. 

      A

    • B. 

      B


  • 54. 
    1.  Which of the following would be considered a general capital asset? A. A vehicle purchased from General Fund revenues. B. A vehicle purchased and maintained by an enterprise fund. C. A computer purchased from revenues of an internal service fund and used by the supplies department. D. Real estate purchased with the assets of a pension trust fund.
    • A. 

      A

    • B. 

      B

    • C. 

      C

    • D. 

      D


  • 55. 
    2. The following items were included in Prairie City's General Fund expenditures for the year ended 6/30/12:                       Personal computer for the city treasurer              $4,000                       Furniture for the mayor's office                         $10,000 How much should be classified as capital assets in Prairie City's General Fund balance sheet at 6/30/12? A. $0. B. $4,000. C. $10,000. D. $14,000.
    • A. 

      A

    • B. 

      B

    • C. 

      C

    • D. 

      D


  • 56. 
    3. Interfund transfers from the General Fund to the capital projects fund to provide partial financing of a capital project would be reported by the capital projects fund as a (an): A. Fund balance addition. B. Revenue. C. Other financing source. D. Current liability.
    • A. 

      A

    • B. 

      B

    • C. 

      C

    • D. 

      D


  • 57. 
    4. Premiums received on tax-supported bonds are generally transferred to what fund?
    • A. 

      A. Internal service fund.

    • B. 

      B. Debt service fund.

    • C. 

      C. General fund.

    • D. 

      D. Special revenue fund.


  • 58. 
    5. The capital assets used by government departments accounted for in the governmental funds should be reported in:
    • A. 

      A. The appropriate governmental funds.

    • B. 

      B. The property, plant, and equipment fund.

    • C. 

      C. Departmental memorandum records.

    • D. 

      D. The governmental activities accounts at the government-wide level.


  • 59. 
    6. Which of the following funds of a government uses the modified accrual basis of accounting?
    • A. 

      A. Private-purpose trust fund.

    • B. 

      B. Capital projects.

    • C. 

      C. Internal service.

    • D. 

      D. Enterprise.


  • 60. 
    7. How should a capital lease for a general capital asset be recorded in the governmental activities accounts at the inception of the lease?
    • A. 

      A. Debit to a capital asset account.

    • B. 

      B. Debit to a capital expense/expenditure account.

    • C. 

      C. Credit to Capital Lease Obligations Payable.

    • D. 

      D. Both A and C are correct.


  • 61. 
    1.  A debt service fund is a:
    • A. 

      A. Nonexpendable fund.

    • B. 

      B. Governmental fund.

    • C. 

      C. Fiduciary fund.

    • D. 

      D. Proprietary fund.


  • 62. 
    2. Which of the following budgetary accounts is typically used by a debt service fund?
    • A. 

      A. Encumbrances.

    • B. 

      B. Appropriations.

    • C. 

      C. Estimated Uncollectible Accounts.

    • D. 

      D. Encumbrances Outstanding.


  • 63. 
    3. On the due date for bond interest, the debt service fund journal entry (or entries) will include:
    • A. 

      A. A debit to Bonds Payable.

    • B. 

      B. A debit to Interfund Transfers Out.

    • C. 

      C. A debit to Expenditures - Bond Interest.

    • D. 

      D. A debit to Interest Expense.


  • 64. 
    4. Pollution remediation obligations should be recognized if which of the following obligating events has occurred?
    • A. 

      A violation of a pollution prevention permit has occurred.

    • B. 

      The government is named or will be named as the responsible or potentially responsible party to a remediation.

    • C. 

      The government is compelled to take remediation action due to imminent endangerment to the public health

    • D. 

      All of the above.


  • 65. 
    5. Which of the following resource inflows would be recorded as a revenue of a debt service fund?
    • A. 

      Receipt of the premium on a new bond issue.

    • B. 

      Property taxes levied by the debt service fund or debt service purposes.

    • C. 

      Taxes collected by the General Fund and transferred to the debt service fund.

    • D. 

      Transfer of the residual equity of a capital project from a capital projects fund to the debt service fund.


  • 66. 
    6. Which of the following is true for debt service funds?
    • A. 

      A legally required budget should be recorded in the accounts.

    • B. 

      A combining balance sheet may not be prepared for a comprehensive annual financial report (CAFR) when more than one debt service fund exists.

    • C. 

      Encumbrance accounting is often used.

    • D. 

      GAAP requires that a separate debt service fund be established for each bond issue.


  • 67. 
    7.  Which of the following financial statements are required for a Debt Service Fund?
    • A. 

      Statement of net position only.

    • B. 

      Statement of revenues, expenditures, and changes in fund balances only.

    • C. 

      Balance sheet and statement of revenues, expenditures, and changes in fund balance.

    • D. 

      Balance sheet, statement of revenues, expenditures, and changes in fund balance, and statement of cash flows.


  • 68. 
    1.  Which of the following would be reflected in the operating statement of a proprietary fund?
    • A. 

      Incurrence of interest expense.

    • B. 

      Repayment of the principal of debt.

    • C. 

      Issuance of debt.

    • D. 

      Purchase of a capital asset.


  • 69. 
    2.  A cash flow statement prepared under GASB standards differs from one prepared under FASB standards in which of the following ways?
    • A. 

      The GASB statement of cash flows has four categories of cash flows rather than three.

    • B. 

      The GASB statement of cash flows reports Cash and Cash Equivalents, not just cash.

    • C. 

      The GASB statement of cash flows reports investments in the securities of other entities as cash flows from investing activities.

    • D. 

      All of the above.


  • 70. 
    3. For proprietary funds, governments generally present a statement of net position in a format that displays assets, plus deferred outflows of resources, less liabilities, less deferred inflows of resources, equals net position.
    • A. 

      True.

    • B. 

      False


  • 71. 
    4. Which of the following may be reported as a component of net position in the proprietary fund statement of net position?
    • A. 

      Retained earnings.

    • B. 

      Designated equity.

    • C. 

      Restricted net position.

    • D. 

      Contributed capital.


  • 72. 
    5. Which of the following funds of a government uses the same basis of accounting as a proprietary fund?
    • A. 

      Permanent trust.

    • B. 

      Investment trust fund.

    • C. 

      Special revenue

    • D. 

      Capital projects.


  • 73. 
    6.  Which of the following properly portrays the components of net position for proprietary funds?
    • A. 

      Net investment in capital assets, Reserved, Unreserved.

    • B. 

      Designated, Undesignated, Restricted, Unrestricted.

    • C. 

      Net investment in capital assets, Restricted, Unrestricted.

    • D. 

      Contributed capital, Net investment in capital assets, Reserved, Unreserved.


  • 74. 
    7.  Which of the following would not be considered a general long-term liability?
    • A. 

      Compensated absences for the city's Fire Department.

    • B. 

      Capitalized equipment leases of the water utility fund.

    • C. 

      Fiver-year notes payable used to acquire computer equipment for the city library.

    • D. 

      The estimated liability to clean up the hazardous waste storage sites of the city's Public Works Department.


  • 75. 
    1. Which of these fiduciary fund types always has zero net position?
    • A. 

      Agency funds.

    • B. 

      Pension trust funds.

    • C. 

      Investment trust funds.

    • D. 

      Private-purpose trust funds.


  • 76. 
    2. A statement of cash flows should be prepared for which of the following fiduciary fund types?
    • A. 

      Fiduciary funds do not provide a statement of cash flows.

    • B. 

      Agency.

    • C. 

      Pension trust.

    • D. 

      Private-purpose trust.


  • 77. 
    3. The financial position of the Policemen's Pension Fund administered by a city should be reported in the city's basic financial statements as a column in the:
    • A. 

      Statement of assets, liabilities, and fund balances.

    • B. 

      Balance sheet - governmental funds.

    • C. 

      Government-wide statement of net position.

    • D. 

      Statement of fiduciary net position.


  • 78. 
    4. A donor contributed $100,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the city municipal swimming pool.  The $100,000 would most appropriately be recorded in a (an):
    • A. 

      Agency fund.

    • B. 

      Private-purpose trust fund.

    • C. 

      Endowment fund.

    • D. 

      Permanent fund.


  • 79. 
    5. Which of the following is part of the required supplementary information (RSI) for pension funds?
    • A. 

      Schedule of plan assets.

    • B. 

      Statement of changes in plan net position.

    • C. 

      Schedule of employer contributions.

    • D. 

      Statement of sources and use of funds - all pension funds.


  • 80. 
    6. Which of the following is a valid reason for establishing a tax agency fund and charging a collection fee to other govrnments?
    • A. 

      To help eliminate a General Fund deficit.

    • B. 

      To increase the total amount of taxes levied.

    • C. 

      To avoid overlapping taxes.

    • D. 

      To realize administrative efficiencies from centralizing tax billing and collection activities.


Back to top

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz
We have sent an email with your new password.