Posted: July 20th, 2016

Which of the following is true regarding the financial statements of fiduciary funds?

1. Activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?
Enterprise fund
Internal service fund
Agency fund
Advance fund

2. Governmental units use which fund type to account for services provided to the general public on a user charge basis?.
General fund
Enterprise fund
Permanent fund
Internal service fund

3. The City of Sycamore has investments in bonds. These bonds have an amortized cost of $998,000 and a market value of $1,001,000. The market value is quoted and available in the financial press. The original cost of the bonds was $996,000. The par value at maturity will be $1,000,000. The amount at which the investments would be reported is: (Points : 1)
$ 996,000
$ 998,000
$ 1,000,000
$ 1,001,000

4. The estimated costs of closure of solid waste landfills are measured using
Actual future costs
Actual closure costs
Historical costs
Current costs

5. Which of the following is true regarding the financial statements of fiduciary funds?
Fiduciary funds financial statements include the Statement of Fiduciary Net Assets,
the Statement of Changes in Fiduciary Net Assets and the Statement of Fiduciary Cash
Flows
Fiduciary funds are accounted for using the economic resources measurement focus
and accrual basis of accounting
Both of the above
Neither of the above