Acc09

Posted on March 3, 2017

Accounting Help 09

 
A. General CAFR Questions
 
1. What are the three major sections of the CAFR?
 
2. What are the items covered under the introduction section?
 
3. What are the main elements of the financial statements section?
 
4. What is covered by the statistical section?
 
B. Government-wide and fund financial statement related questions
 
1. From the Government-wide Statement of Net Assets:
 
a. Explain how Cash in the “Governmental Activities” Column in the Statement of Net Assets is related to Cash in the Governmental funds Balance sheet (Reconcile)
 

b. Why do the total assets in the governmental activities column of the government-wide Statement of Net Assets not equal the total assets in the Balance Sheet for Governmental funds?
 
c. Why do the total liabilities in the governmental activities column of the government-wide Statement of Net Assets not equal the total liabilities in the Balance Sheet for Governmental funds?
 

d. What are the 3 categories of net assets? Explain what each category is.
 
2. In the government-wide Statement of Activities:
 
a. What are the sources of revenue for the Culture and Recreation function? How about Economic Opportunity?
 
b. What business activities does the City of Greensboro report separately?
 
c. How does the City of Greensboro make up for the deficits in its primary government functions that program revenues do not cover?
 
3. In Governmental funds Balance sheet:
a. What are the major funds for Greensboro?
 
b. How does one determine what is a major fund?
 
c. List assets (if any) we find in governmental funds that we do not find in for-profit statements.
 
d. List a liability(if any) we do not find in for-profit statements
 
e. Why does the Balance sheet not have an owner’s equity section?
 
f. What does it have in place of an owner’s equity section?
 
g. What is in the fund balance section?
 

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4. In the Statement of Revenues, Expenditures and Changes in Fund Balance (governmental section)
 
a. What are the three major sections?
 
b. What is the purpose of the other financing sources and uses section? Why is it necessary?
 
c. What is the largest source of revenue for the City of Greensboro?
 
d. What is the function that is most expensive (i.e., required the most expenditure)?
 
e. List the bonds that were issued by the city in 2012.
 
f. How much money was transferred out of the General Fund?
 
g. How much money was transferred into the debt service fund?
 
5. In the statement of Net Assets for the Proprietary funds,
 
a. What are the two sections of Assets?
 
b. How do the total current asset, non-current assets and total assets compare to the government-wide statements? If there is any difference what caused it? (Reconcile)
 
c. Describe the Net assets section
 
6. In the Statement of Revenues Expenses and changes in Net assets (Proprietary funds)
 
a. What are the activities included under Enterprise funds?
 
b. What categories of revenues are included?
 
c. Are there transfers in or out, if so, in which enterprise funds?
 
7. In the Statement of fiduciary net assets:
 
a. What types of fiduciary funds does the City of Greensboro have?
 
b. Describe what is in the different fiduciary funds.
 
c. Write the “Accounting Equation” for the fiduciary net asset statement
 
8. List the component units for the city of Greensboro?
 
9. Did the city follow a blended or discrete approach to report the activities of its component units?
 

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