66.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
67.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
68.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
69.Which of the following is
notan example of the function of an Agency Fund?
A)Payment of pension benefits to retired government employees
B)Collection of local government sales taxes by the state government
C)Collection of property taxes for the school district by an elected county government official.
D)Periodic distribution by the state government of county sales taxes
70.Which type of pension plan most commonly results in an unfunded actuarial liability?
A) Defined benefit plan.
B) Defined contribution.
C) Both A and B.
D) Neither A or B.
71.Which of the following statements is
not
correct with respect to Agency Funds?
A)Agency funds use modified accrual accounting
B)Assets accounted for in an agency fund belong to the party or parties for which the government acts as agent.
C)Assets are offset by an equal amount of liabilities.
D)Assets and liabilities are recognized at the time the government becomes responsible for the assets.
72.Which of the following is true regarding the financial statements of fiduciary funds?
A)Fiduciary funds' financial statements include the Statement of Fiduciary Net Position, the Statement of Changes in Fiduciary Net Position, and the Statementof Fiduciary Cash Flows.
B)Fiduciary funds are accounted for using the economic resources measurement focus and accrual basis of accounting.
C)Both of the above.
D)Neither of the above.
73.Which of the following is true regarding agency funds?
A)Agency funds report assets and liabilities, but not net position, revenues or expenses.
B)Agency funds are often used to account for property tax collections by county governments for other governments.
C)Both of the above.
D)Neither of the above.
74.Which of the following is true regarding fiduciary funds?
A)Investment trust funds account for the internal portion of an investment pool, when a government is trustee for that pool.
B)Private-purpose trust funds account for resources that are administered by a government for the benefit of others, such as a fund held to distribute resources to local not-for-profit charities.
C)Both of the above.
D)Neither of the above.
75.In an agency fund, assets are equal to:
A)Liabilities + Net Position
B)Net Position
C)Liabilities
D)There are no assets in an Agency Fund