Which of the Following Statements Regarding Employer Reporting of Pension

question 81

Multiple Choice

Which of the following statements regarding employer reporting of pension trust funds is not correct?

• A) Contributions by the governmental funds are recorded as expenditures in the General Fund.
• B) The net pension liabilities are reported in the government-wide statements.
• C) The net pension liabilities of proprietary fund employees are reported in the proprietary fund-basis statements
• D) Governmental funds report net pension liabilities of governmental fund employees as a fund liability.

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Definitions:

General Partners

Members of a partnership who are responsible for the management of the partnership, have full authority to bind it, and face unlimited personal liability for its debts.

Limited Partners

Individuals in a partnership who invest money but do not have management responsibilities and whose liability is limited to the amount of their investment.

Foreign Limited Partnership

A partnership entity in which some owners have limited liability and limited involvement in management, recognized under the jurisdiction other than where it operates.

Internal Affairs

A legal doctrine which says that a corporation's internal activities should generally be governed by the laws of the state in which it is incorporated.