Please make note of both parts to the question. Thank you for helping! OPTION #1: Evaluating and Assigning to Appropriat
Posted: Tue Jan 18, 2022 12:59 pm
Please make note of both parts to the question. Thank you for
helping!
OPTION #1: Evaluating and Assigning to Appropriate
Funds
Part A: Below is a list of items that could appear in a CAFR
report.
1. Legal debt limits and debt margins
2. 10-year trend data
3. Notes to financial reports
4. Property tax levy and collection information
5. Budgetary schedules
6. Auditor’s report
7. Letter of transmittal
8. Description of the government’s financial condition
9. Financial highlights for the fiscal year
10. Defined benefit pension plan schedules
Required: The GASB requires that information be reported in
certain sections of the CAFR. For each of the items listed,
indicate whether the item would be reported in the following
sections and the reason for doing so:
I - Introductory section
F - Financial section
S – Statistical section
MDA - MD&A portion of the Financial section
RSI – RSI portion of the Financial section Paper
Part B:
1. Assuming that a government has governmental, proprietary, and
fiduciary funds, identify and briefly explain the nine financial
statements that must be prepared for the Comprehensive Annual
Financial Report.
2. When conducting a financial analysis, ratios based solely on
governmental fund financial statements would not be considered
sufficient for assessing economic condition. Explain why this
statement would be true or false.
helping!
OPTION #1: Evaluating and Assigning to Appropriate
Funds
Part A: Below is a list of items that could appear in a CAFR
report.
1. Legal debt limits and debt margins
2. 10-year trend data
3. Notes to financial reports
4. Property tax levy and collection information
5. Budgetary schedules
6. Auditor’s report
7. Letter of transmittal
8. Description of the government’s financial condition
9. Financial highlights for the fiscal year
10. Defined benefit pension plan schedules
Required: The GASB requires that information be reported in
certain sections of the CAFR. For each of the items listed,
indicate whether the item would be reported in the following
sections and the reason for doing so:
I - Introductory section
F - Financial section
S – Statistical section
MDA - MD&A portion of the Financial section
RSI – RSI portion of the Financial section Paper
Part B:
1. Assuming that a government has governmental, proprietary, and
fiduciary funds, identify and briefly explain the nine financial
statements that must be prepared for the Comprehensive Annual
Financial Report.
2. When conducting a financial analysis, ratios based solely on
governmental fund financial statements would not be considered
sufficient for assessing economic condition. Explain why this
statement would be true or false.