Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the Comprehensive Annual Financial Report obtained for Exercise 1 1 , answer the following questions. Exercise 2 - 1 Part a ( Static )
Using the Comprehensive Annual Financial Report obtained for Exercise answer the following questions.
Exercise Part a Static
a Compare the items discussed in the MD&A in your CAFR with the list of items in this chapter. Which topics listed in this chapter are not in your CAFR? Which topics are in your CAFR that are not listed in this chapter? Do you think your CAFR has a reasonably complete discussion?
b From the MD&A in your report, write a short summary of the financial condition of your government, a comparison of revenues compared with the prior year, a comparison of expenses compared with the prior year, and a comparison of budgeted and actual activity.
c From the Statement of Net Position, identify and write down the following: unrestricted net positiongovernmental activities; unrestricted net positionbusinesstype activities; restricted net position by restrictiongovernmental activities; restricted net position by restrictionbusinesstype activities; and unrestricted and restricted net positioncomponent units if any
d From the Statement of Activities, identify and write down the following: net program expense or revenuegovernmental activities; net program expense or revenuebusinesstype activities; net program expense or revenuecomponent units; change in net positiongovernmental activities; change in net positionbusinesstype activities; and change in net positioncomponent units. Does the ending net position in this statement agree with the net position figures in the Statement of Net Position?
e From the Statement of Revenues, Expenditures, and Changes in Fund Balances for Governmental Funds, identify the names of the major governmental funds. Write down the net change in fund balance for each major fund.
f From the governmental fund statements, take one major fund other than the General Fund and prove, using the percent and percent criteria described in this chapter, that the fund is required to be reported as a major fund.
g From the Statement of Revenues, Expenses, and Changes in Fund Net Position, list the major enterprise funds. For each, identify and write down: the operating income, the income loss before contributions and transfers, and the change in net position.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started