Examine the CAFR. (LO4-3) Utilizing the comprehensive annual financial report:

(1) Are governmental activities reported in a separate column from business-type activities in the two government-wide financial statements?

(2) Are assets and liabilities reported either in the relative order of their liquidity or on a classified basis on the statement of net position? 

(3) Are deferred outflows of resources or deferred inflows of resources reported? If so, are they presented apart from assets and liabilities? 

(4) Is the information on expenses for governmental activities presented at least at the functional level of detail? 

(5) Are program revenues segregated into (a) charges for services, (b) operating grants and contributions, and (c) capital grants and contributions on the statement of activities? 

(6) Are general revenues reported after the total net expense of the government’s functions? 

(7) Are transfers between governmental and business-type activities reported separately from, but in the same manner as, general revenues?

1. Answer the following questions. (General Fund)

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3. (1) What statements and schedules pertaining to the General Fund are presented? 

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5. (2) What purpose is each statement and schedule intended to serve? 

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7. (3) Are any noncurrent or nonliquid assets included in the General Fund balance sheet? If so, are they offset by equal amounts classified as “non spendable” fund balances? 

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9. (4) Are any noncurrent liabilities included in the General Fund balance sheet? If so, describe them.

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11. (5) Are deferred outflows of resources or deferred inflows of resources reported? If so, are they presented apart from assets and liabilities? 

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13. (6) Are revenue classifications sufficiently detailed to be meaningful? 

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15. (7) Has the government refrained from reporting expenses rather than expenditures?

16. Answer the following questions. (Special Revenue Funds)

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18. (1) What statements and schedules pertaining to the special revenue funds are presented? 

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20. (2) Are these only combining statements, or are there also statements for individual special revenue funds? 

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22. (3) Are expenditures classified by character (i.e., current, intergovernmental, capital outlay, and debt service)? 

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24. (4) Are current expenditures further categorized at least by function?

Answer the following questions if a permanent fund is reported. (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?