Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. Wilayat A implemented GAAP reporting and is attempting to determine which of the fund should be classified as major funds and therefore be reported

image text in transcribed
image text in transcribed
5. Wilayat A implemented GAAP reporting and is attempting to determine which of the fund should be classified as "major funds" and therefore be reported in separate columns on the balance sheet and statement of revenues, expenditures, and changes in fund balances for the governmental funds. As an external auditor calculate 10 % and 5 % for the respective funds and prepare a short report for the Wali office. Give proper recommendations and explanations. Selected information is provided below: (2+3 marks) (OMR) Financial Road Debt Capital 10% of Total 5% of Total Statement Tax Fund Service Projects Governmental Governmental and Elements Fund Fund Funds Enterprise Funds Assets 1,369,238 3,892,020 19,273,676 4,492,627 4,082,141 Liabilities 172,439 62,5301 368,727 86,792 1,562,368 Revenues 4,289,876 6,836,472 6,286,240 6,073,695 3,942,318 Expenditures / Expenses 3,986,746 5,622,890 9,846,935 5,952,221 3,834,623 5. Wilayat A implemented GAAP reporting and is attempting to determine which of the fund should be classified as "major funds" and therefore be reported in separate columns on the balance sheet and statement of revenues, expenditures, and changes in fund balances for the governmental funds. As an external auditor calculate 10 % and 5 % for the respective funds and prepare a short report for the Wali office. Give proper recommendations and explanations. Selected information is provided below: (2+3 marks) (OMR) Financial Road Debt Capital 10% of Total 5% of Total Statement Tax Fund Service Projects Governmental Governmental and Elements Fund Fund Funds Enterprise Funds Assets 1,369,238 3,892,020 19,273,676 4,492,627 4,082,141 Liabilities 172,439 62,5301 368,727 86,792 1,562,368 Revenues 4,289,876 6,836,472 6,286,240 6,073,695 3,942,318 Expenditures / Expenses 3,986,746 5,622,890 9,846,935 5,952,221 3,834,623

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Audit Is An Audit Is An Audit

Authors: Marina Peters

1st Edition

B08B37VNZ6, 979-8652328412

More Books

Students also viewed these Accounting questions