NEED ANSWERS ASAP! 43. A city maintains a defined contribution plan to which it
ID: 2567438 • Letter: N
Question
NEED ANSWERS ASAP!
43. A city maintains a defined contribution plan to which it agrees to contribute 6 percent of employee wages and salaries. During the year, employees earned $10 million in wages and salaries, but the government appropriated and contributed only $500,000 to the plan. The city accounts for the compensation of all employees in the general fund. The amount that the city should report as an expenditure in its general fund and as an expense in its government-wide statement is: General Fund $500,000 $500,000 $600,000 $600,000 $500,000 $600,000 $500,000 $600,000 a) b) d) 44. What basis of accounting is used to account for the transactions of a government's permanent fund? a) Full accrual basis of accounting. b) Modified accrual basis of accounting c) Cash basis of accounting d) Budgetary basis of accounting. 45. Which Fiduciary fund always has a zero balance in its Net Assets? a) Pension Fund b) Agency Fund c) Private-Purpose Fund d) Investment-Trust FundExplanation / Answer
43) Option C ( General fund records actual expenditure incurred and government wide records actual contribution and difference will be shown as net pension obligation.
44) Option B Modified Accrual basis of accounting.
(All of the government fund use Modified Accrual basis of accounting
45) option B Agency fund
The government hold and receives the assets on behalf of others , collect cash and then disbursed assets to authorized receiver.so net assets always has zero balance.
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