86.The City of DeKalb contributes to three pension plans: (1) a statewide pension plan for nonuniformed personnel, (2) a locally administered plan for police officers, and (3) a locally administered plan for firefighters. The City is trustee for the plans for police officers and firefighters. Which of the following is true?
A)The City would maintain trust funds for the police and fire plans but not the statewide plan.
B)When making contributions from General Fund resources to the police and fire plans, the General Fund would debit Other Financing Sources-Transfers Out and the Pension Trust Fund would credit Transfers In.
C)Both of the above.
D)Neither of the above.
87.Which of the following is true regarding fiduciary funds?
A)When a government provides employees a defined benefit pension plan,the government is required to present a ten year Schedule of Changes in Net Pension Liability and Related Ratios as required supplementary information
B)Governmental type funds report a net pension liability representing the unfunded pension obligation.
C)Both of the above.
D)Neither of the above.
88.Which of the following is true regarding pension (and other employee benefit) trust funds?
A)The actuarially computed Net Pension Liability is reported in the Statement of Fiduciary Net Position.
B)While full accrual accounting is used, the terms “additions” and “deductions” are used in the Statement of Changes in Fiduciary Net Position in lieu of “revenues” and “expenses.”
C)Both of the above.
D)Neither of the above.
89.Which of the following is true regarding pension accounting and reporting forstate and local governments?
A)When the General Fund makes a contribution to a pension trust fund, the account “Expenditures” is debited.
B)The Statement of Changes in Fiduciary Net Position reports “additions” and “deductions,” computed on the accrual basis.
C)Both of the above.
D)Neither of the above.
90.When accounting for defined benefit pensions, the net pension liability for employees of governmental activities is:
A)Reported in the government-wide statements.
B)Reported in the governmental fund-basis statements.
C)Both A and B.
D)Neither A nor B.
91.When accounting for pension benefits, the net pension obligation for employees of proprietary activities is:
A)Reported in the government-wide statements.
B)Reported in the proprietary fund-basis statements.
C)Both A and B.
D)Neither A nor B.
92.Which of the following statements is
not
required for pension trust funds?
A)Statement of Fiduciary Net Position.
B)Statement of Changes in Fiduciary Net Position.
C)Statement of Fiduciary Cash Flows.
D)None of the above; all three statements should be prepared for pension-trust funds.
93.Pension trust fund financial statements would be found in the Comprehensive Annual Financial Report of a governmental reporting entity:
A)Only if the governmental unit desires to disclose the status of employee retirement plans to its employees.
B)In all cases when the governmental unit has an obligation to provide funding for employee retirement.
C)Only if the governmental unit is the trustee for the public employee retirement plan.
D)Whenever governmental employees have a retirement plan, whether or not the governmental unit is obligated to provide funding.
94.Which of the following is true regarding pension accounting and reporting?
A)Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position.
B)The pension trust fund Statement of Fiduciary Net Position reflects thenet pension liability (the excess of the total benefit obligation over the net position available for benefits).
C)Both A and B.
D)Neither A nor B.
95.Where is the net pension liability shown in a Comprehensive Annual Financial Report for employees in governmental type activities?
A)The Statement of Fiduciary Net Position.
B)The government-wide Statement of Net Position
C)Both A and B.
D)Neither A nor B.