Permanent Funds Are Classified As Fiduciary Funds

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Register to read the introduction… 10 & 11 - All Possible Questions TRUE/FALSE 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 …show more content…
The Schedule of Changes in Long-Term Obligations contains an account Net Pension Obligation. Which of the following describes the event that gave rise to this account? a) The actual contribution by a proprietary fund was less than the actuarially required contribution. b) The actual contribution by a governmental fund was less than the actuarially required contribution. c) The actuarially computed pension liability exceeded the pension plan assets. d) The pension plan assets exceeded the actuarially computed pension liability. 20. Required disclosure by a government General Fund related to its pension plan does NOT include which of the following? a) The employer’s funding policy. b) The components of the pension cost. c) The key assumptions used in determining the pension costs. d) The present value of the future benefits to be paid. 21. A plan’s unfunded actuarially accrued liability is the excess of a) The actuarially-determined plan cost over the actual

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