64.How are Fiduciary Funds presented in the Government-wide Financial Statements?
A) Combined with Internal Service Funds.
B) Combined with Business activities.
C) Combined with governmental activities.
D) None of the Above.
65.Which of the following is true regarding fiduciary funds?
A)Fiduciary funds are included in the fund basis statements but not in the government-wide.
B)Fiduciary funds are reported by fund type, not as major funds.
C)Both of the above.
D)Neither of the above.
66.Which of the following is true regarding fiduciary funds?
A)Fiduciary funds use the economic resources measurement focus and accrual accounting.
B)Fiduciary funds include pension (and other employee benefit) trust, investment trust, agency, and permanent funds.
C)Both of the above.
D)Neither of the above.
67.Which of the following is true regarding fiduciary funds?
A)Fiduciary funds are not included in the government-wide financial statements.
B)Fiduciary funds include agency, pension (and other employee benefit) trust, private-purpose trust, and investment trust funds.
C)Both of the above.
D)Neither of the above.
68.______ funds are created when individuals or organizations contribute resources with the agreement that principal and/or income will be used to benefit individuals or nongovernmental organizations.
A)Agency
B)Investment trust
C)Private-purpose trust
D)Permanent
69.______ funds are created when individuals or organizations contribute resources with the agreement that the income will be used to the citizenry or the government’s programs.
A)Agency
B)Investment trust
C)Private-purpose trust
D)Permanent
70.A fund that is used to account for assets held by a government acting as agent for one or more other governments units or for individuals or private organizations is a(n):
A)Agency fund
B)Private-Purpose Trust Fund
C)Investment Trust Fund
D)Pension Trust Fund
71.A fund that is the result of an agreement between a contributor and a government that the principal and/or income of trust assets is for the benefit of individuals, organizations, or other governments is a(n):
A)Agency fund
B)Private-Purpose Trust Fund
C)Investment Trust Fund
D)Pension Trust Fund
72.A fund that exists when the government is the sponsor of a multigovernment investment pool and accounts for the external portion of the trust assets is a(n):
A)Agency fund
B)Private-Purpose Trust Fund
C)Investment Trust Fund
D)Pension Trust Fund
73.A fund that exists when a government is the trustee for a defined benefit pension plan, or a defined contribution pension plan is a(n):
A)Agency fund
B)Private-Purpose Trust Fund
C)Investment Trust Fund
D)Pension Trust Fund