Question: 1. Explain in your own words what Agency Funds are and how they are reported on the government's financial statements. Give three examples of agency funds.
2. How are closure and post-closure landfill costs accounting for in the government-wide financial statements? How are they accounted for in the governmental funds financial statements?
3. In your own words, explain what is meant by the annual required contribution (ARC) of a pension plan? What are the steps involved in determining the amount of a government's ARC?
4. In what instances might a government want to participate in a public entity risk pool?