Assume the same facts as stated in D8- 4 except that the Pension Trust Fund is operated by a five-member board of directors. Before the end of the current fiscal year, three of the board members’ terms expire. If Smith appoints three new board members who are sympathetic to his plan, do you see a potential ethical problem?
Answer to relevant QuestionsThe Pension Trust Fund maintained by the City of Linden had the following transactions during 2012. Record each transaction in the Pension Trust Fund. Ignore any other funds that may be involved in a transaction. 1. ...1. Private Purpose Trust Funds follow the ______ measurement focus and the ______ basis of accounting. 2. Amounts originally contributed to a Private Purpose Trust Fund are recorded as ______. 3. The following financial ...An individual wants to set up a long- lasting trust for the education of children of deceased school-teachers. In a written statement explain the best method of achieving this goal.The following data come from the report prepared by the actuary for York City’s retirement system as of December 31, 2012:Investments (at actuarial value)....... $ 2,921,000 Actuarial accrued liability ......... $ ...List three ways in which financial reporting can assist in fulfilling government’s duty to be publicly accountable and can also assist users in assessing that accountability.
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