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From Chapter 7 complete Exercise 7-8, Exercise 7-10, and Exercise 7-11 and post the answers to the discussion board. Do not forget to show all necessary steps and explain how you attained the outcome.
7-8 Describe GASB requirements for accounting for Investment Trust Funds,
(a) a discussion of when the use of investment trust funds is appropriate.
(b) the investments to be included and excluded
(c) the basis at which investments are to be reported
(d) reporting of realized and unrealized gains and losses on investments
(e) financial reporting (i.e., financial statements).
7-10 What are the required financial statements for a pension trust fund? What are the required supplementary information schedules?
7-11 With regard to current GASB standards for pension reporting, do the following:
a. Distinguish between (1) defined contribution plans and (2) defined benefits plans.
b. Distinguish between (1) agent and (2) cost sharing multiemployer plans.
c. Define the following terms: (1) plan fiduciary net position and (2) net pension liability.
d. Distinguish between reporting for employers for (1) general government employees and for (2) enterprise fund employees.
