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NFP Exam 4 Chapter 8 Questions And
Answers |Latest 2025 | Guaranteed Pass.
The Belmont County GF is given 1% of all collections for governments other than the County as
reimbursement for the cot of operating the Tax Custodial Fund. The distribution of the taxes
collected includes $100,000 to Lake School District; its tax rate is broken down as follows:
General $4.40, Capital projects $0.25 and Debt service $0.35. The fee paid is recorded as an
expenditure. The entry in the Lake School District GF journal will include a credit to Taxes
Receivable-Current for... - Answer✔1. current tax rate
(4.40+0.25+0.35) = 5.00
2. credit to taxes receivable
(100,000 * (4.40/5)) = 88,000
Total real property taxes certified for collection by collector's office during the current year
total $5,000,000 and 5% is considered uncollectible. The entry recorded by the Tax Custodial
Fund includes a: - Answer✔credit to Due to other funds and governments - 5,000,000
debit to taxes receivable for other funds and governments-current - 5,000,000
If a public purpose trust resources are expendable for the trust purpose, the trust should be
accounted for as a -- fund - Answer✔special revenue
Trusts that benefit the government's own programs or citizens at large are accounted for as.. -
Answer✔1. special revenue funds
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2. permanent funds
Dodson County sponsors a defined benefit pension plan. If, during the current year, member
contributions in the amount of $250,000 and employer contributions in the amount of
$250,000 were received in cash, the entry made by the Dodson County employee retirement
plan would include credits to - Answer✔1. additions - member contributions
2. additions - employer contributions
County GF is given 1% of all collections for governments other than the county for
reimbursement for the cost of operating the tax custodial fund. The taxes collected are as
follows: county 400,000 state 100,000 and other governments 2,500,000. The collection fee
charged by the county equals - Answer✔(100,000*0.01) + (2,500,000*0.01) = 1,000 + 25,000 =
26,000
Total pension liability - Answer✔The portion of the present value of projected benefit
payments to be provided through a pension plan that is attributed to past periods of employee
service.
Service cost - Answer✔The portion of the actuarial present value of projected pension benefit
payments that is attributed to the current year.
Net pension liability - Answer✔The difference between the total pension liability and plan
fiduciary net position.
If criteria for administrative or direct financial involvement are met, the primary recipient
government -- in a governmental fund, private-purpose trust fund, or proprietary fund -
Answer✔1. must recognize a revenue for the receipt
2. must recognize an expenditure or expense for the transfer
Fiduciary activities are reported - Answer✔only in the fiduciary fund financial statements
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NFP Exam 4 Chapter 8 Questions And
Answers |Latest 2025 | Guaranteed Pass.
The Belmont County GF is given 1% of all collections for governments other than the County as
reimbursement for the cot of operating the Tax Custodial Fund. The distribution of the taxes
collected includes $100,000 to Lake School District; its tax rate is broken down as follows:
General $4.40, Capital projects $0.25 and Debt service $0.35. The fee paid is recorded as an
expenditure. The entry in the Lake School District GF journal will include a credit to Taxes
Receivable-Current for... - Answer✔1. current tax rate
(4.40+0.25+0.35) = 5.00
2. credit to taxes receivable
(100,000 * (4.40/5)) = 88,000
Total real property taxes certified for collection by collector's office during the current year
total $5,000,000 and 5% is considered uncollectible. The entry recorded by the Tax Custodial
Fund includes a: - Answer✔credit to Due to other funds and governments - 5,000,000
debit to taxes receivable for other funds and governments-current - 5,000,000
If a public purpose trust resources are expendable for the trust purpose, the trust should be
accounted for as a -- fund - Answer✔special revenue
Trusts that benefit the government's own programs or citizens at large are accounted for as.. -
Answer✔1. special revenue funds
1|P a g e
, ©BRIGHTSTARS 2025 ALL RIGHTS RESERVED 11:22 AM A+
2. permanent funds
Dodson County sponsors a defined benefit pension plan. If, during the current year, member
contributions in the amount of $250,000 and employer contributions in the amount of
$250,000 were received in cash, the entry made by the Dodson County employee retirement
plan would include credits to - Answer✔1. additions - member contributions
2. additions - employer contributions
County GF is given 1% of all collections for governments other than the county for
reimbursement for the cost of operating the tax custodial fund. The taxes collected are as
follows: county 400,000 state 100,000 and other governments 2,500,000. The collection fee
charged by the county equals - Answer✔(100,000*0.01) + (2,500,000*0.01) = 1,000 + 25,000 =
26,000
Total pension liability - Answer✔The portion of the present value of projected benefit
payments to be provided through a pension plan that is attributed to past periods of employee
service.
Service cost - Answer✔The portion of the actuarial present value of projected pension benefit
payments that is attributed to the current year.
Net pension liability - Answer✔The difference between the total pension liability and plan
fiduciary net position.
If criteria for administrative or direct financial involvement are met, the primary recipient
government -- in a governmental fund, private-purpose trust fund, or proprietary fund -
Answer✔1. must recognize a revenue for the receipt
2. must recognize an expenditure or expense for the transfer
Fiduciary activities are reported - Answer✔only in the fiduciary fund financial statements
2|P a g e
