Please answer True or False for the following questions 1. Proprietary funds use the accrual basis...

Please answer True or False for the following questions

1. Proprietary funds use the accrual basis of accounting and the economic resources measurement focus.

2. The balance-sheet like statement in Question # 3 above is actually named the Balance Sheet.

3. Of the three major types of fund statements, it is the Fiduciary Fund statements that have a Statement of Cash Flow.

4. The Internal Service Fund is found on the Proprietary Fund statements and in either the the Government Activities (GA) or Business Activities column of the Government Wide (GW) statements.

5. “Plan fiduciary net position as a percentage of total pension liability” should ideally be no less than 60% (60% is generally deemed to be sufficient funding).

Solutions

Expert Solution

1. Proprietary funds use the accrual basis of accounting and the economic resources measurement focus.	TRUE	Proprietary funds recognize revenues when they are earned and recognize expenses when the liability is incurred.
2. The balance-sheet like statement in Question # 3 above is actually named the Balance Sheet.	Ref. is missing
3. Of the three major types of fund statements, it is the Fiduciary Fund statements that have a Statement of Cash Flow.	FALSE	Fiduciary Fund prepares two statements:- statement of Fiduciary Net Asset and statement of changes in Fiduciary Net Assets
4. The Internal Service Fund is found on the Proprietary Fund statements and in either the the Government Activities (GA) or Business Activities column of the Government Wide (GW) statements.	FALSE	Internal service fund are classified as proprietary fund .The Internal Service Fund is found on the Government Activities (GA) column of the Government Wide (GW) statements.
5. “Plan fiduciary net position as a percentage of total pension liability” should ideally be no less than 60% (60% is generally deemed to be sufficient funding).	FALSE	The funded ratio is a widely quoted metric for assessing the soundness of pension funding. When considering the funded ratio, context is important.

ekkarill92 answered 1 year ago

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