This is all I am given.

Problem 3: True/False

1. In a private purpose trust fund, interest income accrued as of December 31, 2021, is reported as a deferred inflow of resources if it is not received within 60 days after 12/31/2

2. Equity and debt investments are reported in pension trust funds at fair value.

3. The State of Illinois College Savings Pool Fund is a private purpose trust fund.

4. Individuals who make contributions to the Illinois College Savings Pool Fund do not have to pay federal or state Income taxes on the earnings from the contributions when withdrawals are made to pay for qualified education expenses.

5. On the statement of changes in fiduciary net position for a countys Property Tax Custodial Fund, property taxes distributed to the local governments should be reported as an operating expense.

6. On the statement of changes in fiduciary net position for a countys Property Tax Custodial Fund, property taxes distributed to the county should be reported as a transfer out.

7. Net position in a private purpose trust fund can be restricted for the citizens of the government.

8. In a county Property Tax Custodial Fund, the assets property taxes receivable for the county and the liability due to the county general fund are not reported on the statement of fiduciary net position.

9. In a county Property tax Custodial Fund, the excess of additions over deductions is reported on the statement of changes in fiduciary net position as net position restricted for other governments.