In a Pension Trust Fund, a debit is made to an expenditures account for liabilities that are incurred for administrative costs.

Question

Quizplus · Accepted Answer

Activities in Pension Trust Funds are accounted for using the economic resources measurement focus and the accrual basis of accounting. Therefore, expenditures are not reported in Pension Trust Funds. Further, GASB requires fiduciary funds report "deductions" rather than expenses.

In a Pension Trust Fund, a Debit Is Made to an Expenditures