134.Financial reporting requirements for defined benefit pension plans include all of the following statements and schedules except?
A) Schedule of Funding Progress.
B) Statement of Changes in Plan Net Assets.
C) Statement of Plan Net Assets.
D) Schedule of Employee Contributions.
135.When a contributor and a government agree that the principal and/or income of trust assets are for the benefit of individuals, private organizations, or other governments, which fund is formed?
A) Private-purpose trust.
B) Agency.
C) Investment trust.
D) Pension trust.
136.Which of the following statements is not correct with respect to GASB Statement No. 53 which establishes reporting requirements for governments entering into derivative instruments?
A)Derivatives include swaps, options, forward contracts and future contracts.
B)If a derivative is effective in reducing a government’s exposure to identifiable risks, the changes in the value of the derivative are reflected as investment gains or losses in the period that the value changes.
C)If a hedge derivative is deemed ineffective it is classified as investment purpose.
D)Statement No. 53 applies only to reporting at the government-wide level for derivatives held by governmental funds, not the fund-basis statements.
137.Which of the following statements is correct with respect to GASB Statement No. 53 which establishes reporting requirements for governments entering into derivative instruments?
A)Changes in the value of hedge derivatives are reported in the Statement of Net Assets.
B)If a derivative is an investment derivative, the changes in the value of the derivative are deferred and reported in the statement of net assets.
C)Statement No. 53 does not apply to proprietary or fiduciary funds.
D)Statement No. 53 applies to government financial statements prepared using the modified accrual basis of accounting.
138.GASB Statement No. 52 requires endowments with investment real estate to report those assets at:
A)Historical cost
B)Fair market value
C)Historical cost net of related debt
D)Market value net of related debt