Question
Answer the following questions. (1) What statements and schedules pertaining to the General Fund are presented? (2) What purpose is each statement and schedule intended
Answer the following questions. (1) What statements and schedules pertaining to the General Fund are presented? (2) What purpose is each statement and schedule intended to serve? (3) Are any noncurrent or nonliquid assets included in the General Fund balance sheet? If so, are they offset by equal amounts classified as "nonspendable" fund balances? (4) Are any noncurrent liabilities included in the General Fund balance sheet? If so, describe them. (5) Are deferred outflows of resources or deferred inflows of resources reported? If so, are they presented apart from assets and liabilities? (6) Are revenue classifications sufficiently detailed to be meaningful? (7) Has the government refrained from reporting expenses rather than expenditures?(1) What statements and schedules pertaining to the special revenue funds are presented? (2) Are these only combining statements, or are there also statements for individual special revenue funds? (3) Are expenditures classified by character (i.e., current, intergovernmental, capital outlay, and debt service)? (4) Are current expenditures further categorized at least by function? Permanent Funds. (1) What is the nature of the permanent fund? (2) Do the resources held by the permanent fund clearly benefit a government function, program, or the government's citizenry? (3) Were expendable earnings transferred out of the permanent fund in the current year?