complete CAFR includes combining financial statements to reflect major funds. Answer: True 7. In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental, proprietary and fiduciary funds. Answer: True 8. In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental funds only. Answer: False 9. The General Fund is not always considered to be
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exchange medium, whenever it is offered to anyone. 3. Fiduciary Money: Today's monetary system is highly fiduciary. Whenever, any bank assures the customers to pay in different types of money and when the customer can sell the promise or transfer it to somebody else, it is called the fiduciary money. Fiduciary money is generally paid in gold, silver or paper money. There are cheques and bank notes, which are the examples of fiduciary money because both are some kind of token which are used as
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___ 1. Tax planning motivations usually are secondary to other objectives in deciding whether to create a trust. True False 2. A trust might be used by one running for a political office. True False 3. Like a corporation, the fiduciary reports and pays its own Federal income tax liability. True False 4. An estate’s income beneficiary generally must wait until the entity is terminated by the executor to receive any distribution of income. True False 5. With respect
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Business-type activities—BTA Modified accrual—MA Governmental funds—GF Measurement Focus Proprietary funds—PF Economic resources—ER Fiduciary funds—FF Current financial resources—CFR (1) Activities or Funds Reported, (2) Basis of Accounting, (3) Measurement Focus Financial Statements Statement of net assets – government-wide: (1) GA & BTA
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employees pursued a class action lawsuit against the company referencing the Employee Retirement Income Security Act (ERISA) because the stock plummeted causing the loss of funds. The group of employees argued that the Amgen Inc. breached their fiduciary duties under ERISA by allowing the participants to purchase and hold Amgen stock while knowing its price was artificially inflated. While the Amgen Inc. decline all notions and allegations the district court granted the Amgen’s Inc. a
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information violated federal insider trading law. However, based on precedent, the hacker would not be liable for insider trading because insider trading generally requires the breach of a fiduciary duty. Nevertheless, the Second Circuit Court of Appeals held that liability could be found—even without a breach of fiduciary duty—as long as the defendant “affirmatively misrepresented himself in order to gain access to material, nonpublic information, which he then used to trade.” In Kim’s view the SEC has
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____ 1. Tax planning motivations usually are secondary to other objectives in deciding whether to create a trust. ____ 2. A trust might be used by the parties to an impending divorce. ____ 3. Like a limited liability company, the fiduciary is a tax-reporting, but not a separate tax-paying entity. ____ 4. An estate’s income beneficiary generally must wait until the entity is terminated by the executor to receive any distribution of income. ____ 5. With respect to a trust,
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Bank of America Name Professor’s Name Institution Date How administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy. Securities and Exchange Commission ha s the role of looking after United States investors against possible loss of profits. This is by keeping a reasonable and organized practice
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budgets. Moreover, the budget projection manager, usually follow specific fundamental codes with care and skills to address all compliance requirements and fiduciary obligations. That means monitoring service providers to minimize high costs, selecting the right contractors based on plan, and knowing the legal requirements according to fiduciary responsibilities. Thereby, establishing a plan or budget according to policies to manage risks. Besides, the process of all budget projections was monitored
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