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TRUE/FALSE - Write "T' if the statement is true and ' F " if the statement is false. 1) If a derivative is effective in roducing a goveramear's exposare so identifiable rishs, the changes in the value of the derivative ane teflocted as deferred ectfloss or defarred inflows in the period that the value changex. true false 2) Fiduciary funds are used to account for assets held by a povernment acting as a trustee of agent for entities extemal to the govemancntal unit, including individabls, ofganirations, and other govemmental units. For this reaven, fiduciary fimbs are eften identified in governmental financial reports as Trust and Custodial Funds. true false 3) A peivate-purpose trust fund is created when the goverameet is the sponsor of a multigovernment investraent pool and accoants for the exleral portion of those trus assets. truc false 4) If government has a locally adminiscred peraioe plan for which it is trustee, the governasent would repont the locally adnuinistered plan as a pension trast fund in the basic financial stakements. true false MULTIPLE CHOICE - Choose the one alternative that best cempletes the statement or answers the question. 5) Activities moeting the definitien of fiduciary ia mature but that lack a formal enast agreement are to be reported in which fond? Version 1 1 A) Custodial find. B) Non-cuadial fund. C) Dodicated fand. D) Pass-theoegh activities fund. A) Derivatives inclade vwaps, option, forw anf cuebact, asal fither coetack. the changes in the valae of the derivative are neflected as investment gaies or lones in toe feriod that tec value changes. C) If a bodge derivative in dermed iocflective in is clasifiod a anvenent parpene: held by povernmertal fundc, act the fand-hasis statemente. fie the benefil of the general enfinary? A) Prime-perpose trua find B) Custodial fond. C) linestment irust fund. D) Penuanent fund. A) Equify Methosl. B) Cot Bawn. C) Fair Market Valuz. D) None of the shoices ant sortest. Version 1 2 A) These Fands we the mod fied accrual hasis of accounting. B) The rescences ane not avalable wo the ecperting unit. 10) A income of trust asses ave for the benefit of indisials. A) Investencat Trist. B) Private-Purpose Trust. C) Ronsicen Trust. D) Employee Besefit Trust. 11) Toe Ciry of Sycamore has ievesimats in bonk. These honds heve an assursal cost of 51,947,000. Ac year wad, the firancial press reports a marker waloe ef $2002 wee for those bondx. The eriginal cost of the boodi was $1.993.000. The par walse at muturity will be $2,000,000. The amvent at which the invelements watd be roporat ic A) 51.997,000 B) 51,$12,000. C) 52,602,600 D) 32000000 12) The City of Springficld has three peasion plans: a locally administered police plan for which it is trustee, a statewide cost sharing plan, and a statewide custodial plan. The City would include in its CAFR pension trust fund financial statements for: A) All three plans. B) The locally administered plan plus the statewide custodial plan. C) Both statewide plans. D) The locally administered plan only. Version 1 3 13) The City of DeKalb contribues to three pension plans: (1) a statewide peasion plan for nonuaiforaned personnel, (2) a locally administered plan for police officers, and (3) a locally adatiaistered plan for firefighters. The City is trastee for the plans for police officers and firefighters. Which of the following is true? A) When making contribetions from General Fund reseurees to the police and fire plans, the General Fund would debit Oeher Financing Sources - Transfers Out and the Pension Trust Fund would credit Transfers In. B) The City would maintain trast funds for the police and fire plans but not the statewide plan. C) Both of the chotes are true. D) Neither of the choces are true. 14) Which of the following is not a fidlaciary fund? A) Permanent Fund. B) Private-Pumose Trust Fund. C) Investment Trust Fund. D) Pension Trust Fund. 15) Which of the following is true regarding fiduciary funds? A) Fiduciary funds are not incloded in the government-wide financial statements. B) Fidociary fonds include custodial, pension (and ocher employee benefit) trust, privatepurpose trust, and investment trust fonds. C) Both of the choices are truc. D) Neither of the choices is true