A-18 What determines the classification of restricted donations in accounting? a) Donor's expressed intent b) Management's plans c) Time of receipt d) Board designation non-profit
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- E 19-4 Multiple choice Which of the following is not a governmental fund? Special revenue fund Debt service fund Trust fund General fund Which of these funds generally follows the accrual basis of accounting? General fund Internal service fund Debt service fund Special revenue fund Which of the following funds will report fixed assets in the fund financial statements? General fund Special revenue fund Debt service fund None of the above Which of the following funds would not be included in governmental fund financial statements? Debt service fund General fund Pension trust fund Permanent fund Which of the following funds would be used to account for an activity that provides goods or services to other funds? General fund Enterprise fund Debt service fund Internal service fundA Voluntary Health & Welfare NFP would include which of the following financial statements in its basic financial statements? Statement of financial position and statement of activities Statement of financial position, statement of activities, and statement of cash flows Statement of financial position, statement of activities, statement of cash flows, and statement of functional expenses Statement of financial position, statement of activities, and statement of functional expenses Choose oneAmounts that come from accounts of unvested employees that can be directed/contributed to the accounts of other employees who participate and remain in the plan are known as what? Select one: a. Matching contributions b. Excess contributions c. Forfeitures d. Rollover contributions
- Which of the following journal entries would be recorded when an entity contributes cash to its defined benefit pension plan? Select one: а. DR Cash; CR Net defined benefit liability O b. DR Pension assets; CR Cash Ос. DR Cash in trust; CR Cash O d. DR Net defined benefit liability; CR CashMulitple choice question When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employersWhich of the following profit sharing allocation options provides for a combination of age and compensation to allocate the contributions? Standard Social Security Integration Age-Based Profit Sharing Select one: 1 only 3 only 2 and 3 1, 2, and 3
- Cullumber College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value $127.750 137,450 159,800 $425,000 Fair Value $111,750 156,450 178,800 $447,000 During 2025, the investment pool earned dividends of $11,600 and interest of $21,200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $22,000 and were reinvested in securities held in the pool. Prepare the journal entries that are necessary in the records of each of the funds to account for the earnings of the investment pool during 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before…Determine the meaning of the following terms. a. Contributory plan. b. Vested benefits. c. Retroactive benefits. d. Years-of-service method.A donor gives a gift to a charity that must be conveyed to a separate beneficiary. What is the normal method of reporting for each party?
- Ch 13 Ensuring that plans operate in accordance with plan documents and ERISA, diversifying pension fund assets to minimize the risk of large losses, and managing benefit plans and funds solely in the interest of plan beneficiaries are all fiduciary duties under ERISA. True FalseQualified plan assets are placed into and held by a trust. What can the trust distribute to the employer? Select one: a. Nothing b. Special distributions and dividends c. Excess contributions d. Annual forfeituresWhich of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employers
