In Financial Reporting for Proprietary Funds and at the Government-Wide

question 34

Multiple Choice

In financial reporting for proprietary funds and at the government-wide level,the employer's pension expense for the period is equal to:

• A) The employer's contribution.
• B) Annual required contribution.
• C) Annual pension cost.
• D) The change in net pension obligation.

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Definitions:

First Bankers

This refers to individuals or institutions that were among the earliest to engage in banking activities, such as accepting deposits and making loans.

Goldsmiths

Historically, craftsmen who made objects out of gold, but in financial history, they are known for keeping gold deposits and issuing paper bank notes redeemable for gold.

Medium Of Exchange

An intermediary instrument or system used to facilitate the sale, purchase, or trade of goods and services between parties.

Reserve Ratio

The portion of depositors' balances that banks must have on hand as cash, a regulatory requirement meant to ensure bank stability and liquidity.