ACC 410 Week 8 Quiz – Strayer



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Quiz 6 Chapter 10 and 11


Chapter 10


Permanent Funds and Fiduciary Funds

TRUE/FALSE (CHAPTER 10)

1.    Per GASB Statement No. 34, permanent funds are classified as fiduciary funds.

2.    In accounting for permanent funds only the income can be spent; the principal must be preserved intact.

3.    Fiduciary funds focus on current financial resources and use a full accrual basis of accounting.

4.    Fiduciary funds are excluded from the government-wide statements.

5.    The concept of major versus nonmajor funds does not apply to fiduciary funds, as it does to governmental and proprietary funds.

6.    Accounting for the employer’s contribution in a defined contribution plan is straight forward, because the employer is obligated only to make annual contributions in the amount specified in the plan terms.

7.    Accounting for the employer’s contribution in a defined benefit plan is straight forward,  because the employer is obligated only to make annual contributions in the amount specified in the plan terms.

8.    Most public pension plans are defined benefit plans.   

9.    An employer may have a liability to a defined benefit plan other than for its annual required contributions, depending on the future financial health of the plan.

10.  In an agency fund, assets always equals fund balance because there are no liabilities.


MULTIPLE CHOICE (CHAPTER 10)

1.   A governmental entity receives a gift of cash and investments with a fair value of $200,000.  The donor specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested.  The $200,000 gift should be accounted for in which of the following funds?
       a)   Investment trust fund.
       b)   Private-purpose trust fund.
       c)   Agency fund.
       d)   Permanent fund.

2.   In previous years, Center City had received a $400,000 gift of cash and investments.  The donor had specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested.  During the current year, the earnings from this gift were $24,000.  The earnings from this gift should generally be considered revenue to which of the following funds?
       a)   Special revenue fund.
       b)   Private-purpose trust fund.
       c)   Agency fund.
       d)   Permanent fund.

3.   Which of the following activities of a governmental entity should be accounted for in a fiduciary fund?
       a)   Funds received from the federal government to support public transportation activities.
       b)   Funds received from an individual who specified that the principal must be kept intact but the income can be used to support families of police officers killed in the line of duty.
       c)   Funds received from the state government that must be used to purchase capital assets.
       d)   Funds received from a contractor to assist with the development of utility infrastructure.

4.   What basis of accounting is used to account for transactions of a governmental private-purpose trust fund?
       a)   Full accrual basis of accounting.
       b)   Modified accrual basis of accounting.
       c)   Cash basis of accounting.
       d)   Budgetary basis of accounting.

5.   Which of the following would NOT be accounted for in a fiduciary fund of a governmental entity?
       a)   Nonexpendable resources held for the benefit of other governmental units.
       b)   Nonexpendable resources held for the benefit of the government holding the resources.
       c)   Expendable resources held for the benefit of other governmental units.
       d)   Funds held as an agent for other entities.

6.   Permanent funds are classified as
       a)   Governmental funds.
       b)   Proprietary funds.
       c)   Fiduciary funds.
       d)   Trust funds.

7.      Which of the following is NOT a fiduciary fund?
a)   Pension trust funds.
       b)   Investment trust funds.
       c)   Permanent funds.
       d)   Private-purpose trust funds.

8.   What basis of accounting is used to account for transactions of a government permanent fund?
       a)   Full accrual basis of accounting.
       b)   Modified accrual basis of accounting.
       c)   Cash basis of accounting.
       d)   Budgetary basis of accounting.

Use the following information to answer #9-#12

Previously a city received a $1 million gift, the income from which was restricted to support maintenance of city-owned parks.  During the current year the endowment earned $70,000 of which  $50,000 was transferred to the City Park Special Revenue Fund.

9.   On the year-end fund financial statement, the endowment fund would report revenues of:
       a)   $0.
       b)   $50,000.
       c)   $70,000.
       d)   None of the above.

10.  On the year-end fund financial statement, the endowment fund would report the $50,000 transferred to the Special Revenue Fund as:
       a)   A reduction of revenues.
       b)   A nonreciprocal transfer out.
       c)   A reduction of equity.
       d)   An expenditure.

11.  On the year-end financial statements, the endowment fund would report, as

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