Please use the link in order to complete the questions...https://www.naperville.il.us/globalassets/media/budget-audit-reports/fy15cafr.pdf1-1:a-f2-1:a-g4-1:a-e

nual budget. This report is included as a part of required supplementary information i (RSl) in the CAFR. The nature and operation of accounting and budgetary reporting are explained in appropriate detail in Chapter 3. Now that you have finished reading Chapter 1, complete the multiple choice questions provided on the text's website (www.mhhe.com/copley12e) to test your comprehension of the chapter. Questions and Exercises l-l Obtain a copy of a recent Comprehensive Annual Financial Report ( - 4 . , These may be obtained by writing the director of finance in a city or county of your choice. Your instructor may have one available for you, or you may obtain one from the GASB website: www.gasb.org. It would be best, but not absolutely necessary, to use a CAFR that has a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. You will be answering questions related to the CAFR in Chapters 1 through 9. Answer the following questions related to your CAFR. a. What are the inclusive dates of fiscal year? b. Write the name and address of the independent auditor. Is the au- ditor's opinion unqualified? If not, describe the qualification. Is the opinion limited to the basic financial statements, or does the opin- ion include combining and individual fund statements? ' c. Does the report contain an organization Chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of transmittal. Does the report include a Management's Discussion and Analysis? List the major items of discussion. 6. Does the report include the government-wide statements (Statement of Net Position and Statement of Activities)? f Does the report reflect fund financial statementsfiu {Is . , , i etary, and fiduciary funds? List those statements. am in. .. . mental and proprietary funds (the funds that ham ; governmental and proprietary fund statements).l . r 2, comp Now that you have finished readlng Chapte questions prov1ded on the text's webSIte (WWW' comprehension of the chapter. N/W Questions and Exercises 34- USing the Comprehensive Annual Financial Report l-l, answer the following questions. - 1' ' FR With the ist a. Compare the items discussed in the MD&A In your Cf; are not in your of items in this chapter. Which topics listed in this chflp d thiq Chapter? CAFR? Which topics are in your CAFR that are not liste 1 x- a ' 9 Do you think your CAFR has a reasonably complete discussmn. f 12. From the MD&A in your report, write a short summary of (1) the man' cial condition of your government, (2) a comparison of revenues. com- pared with the prior year, (3) a comparison of expenses compared With the Prior year, and (4) a comparison of budgeted and actual activity. C. From the Statement of Net Position, write down the following: (1) un- restricted net position-governmental activities; (2) unrestricted net position-business-type activities; (3) restricted net position by restriction- govemmental activities; (4) restricted net position by restriction-business- type activities; and (5) unrestricted and restricted net position-component units (if any). d. From the Statement of Activism ' gram expense (or revenue obtained for ExerciseIs.) Overview of Financial Reporting for State and Local Governments 51 activities: (5) change in net position-business-type activities; and (ti) change Ill net pOSItion--component units. Does the ending net posi- lion II] this statement agree with the net position figures in the Statement ol Net Position? t". From the Statement of Revenues, Expenditures, and Changes 'n Balances for Governmental Funds, identify the names of the mm ermnental funds. Write down the net change in fund b. Atm major fund. f From the governmental fund statements, mm "mtr the General Fund) and prove, using the * described in this chapter, that the inn: major fund. g. From the Statement of Revemm Position list the major en?:v'1;r operating income, (2) the 'm is and (3) the change in no! F" With regard to GASB mn following: -- hAt'znn 4I,n fin"Accounting for the General and Special Revenue Funds 113 Questions and Exercises 44, Using the annual financial report obtained for Exercise 1-1, answer the fol- lowmg questions: a. Look at the General Fund column of the Balance Sheet for governmen- tal funds. What are the major assets? Liabilities? What categories of Fund Balances are reported? 12. Look at the General Fund column of the governmental funds State- ment of Revenues, Expenditures; and Changes in Fund Balances. Pre- pare a schedule showing percentages of revenues by source. Prepare a schedule showing percentages of expenditures by function. Does your government have significant transfers in or out? Can you identify the fund that provides or receives these resources? Does your government have any other financing sources or uses? Special and/or extraordinary items? ' (3. Does your government report any special revenue funds as major funds in the governmental fund statements? What are they? What are the maj or revenue sources? Expenditure functions? (1. Review the notes to the financial statements to determine the fijgagum- ment focus and basis of accounting used to aga-emma gs-x;>..;;mm,"tm": fund financial statements. Do the notes ' ' fl counting in a manner consistent with this 1- " are subject to accrual? Are expenditures goods and services are received? Which he." ' My gut-it" ' the balance sheet date larger or s it? Are reasons for the change appasem "ii of Fund Balance/General Fund : members' ratio