Which of the Following Is True Regarding Pension Accounting and Reporting

question 32

Multiple Choice

Which of the following is true regarding pension accounting and reporting?

• A) Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position.
• B) The Net Pension Liability reported by local governments include only the pension plans for which the local government is trustee, no liability needs to be reported for state sponsored plans in which the local government participates.
• C) Both A and B.
• D) Neither A nor B.

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Definitions:

Desert

A barren area of landscape where little precipitation occurs, leading to harsh living conditions for plant and animal life.

Leaching

The process by which water dissolves and carries away nutrients or contaminants from soils or other materials.

Soluble Soil Components

Elements or compounds in soil that are capable of being dissolved in water, affecting nutrient availability, soil structure, and plant growth.

Organic Compounds

Chemical compounds made primarily of carbon atoms bonded with hydrogen, oxygen, and other elements, typically found in living organisms.