The GASB defines a financial reporting entity as the primary government and the entities for which the primarygovernment is financially accountable. Following is a list of entities being considered for classification as primarygovernments. 1. Waseca County government. 2. University of South Florida, a part of the State UniversitySystem of Florida. 3. The Tri-County Independent School District, a legal entity, with an elected board andfinancial independence. 4. The State of Colorado._______ 5. Greenfield Sports Authority, a joint venture betweenGreenfield County and the Mighty Ducks Sports franchise. page 417 Required For each of the entities listed, indicatewith a Y (yes) if the entity would be considered a primary government and with an N (no) if it would not be considered aprimary government. In addition, explain why you believe the entity should or should not be considered a primarygovernment.—————

The objective of the question is to determine whether each of the listed entities would be…

Answered: The GASB defines a financial reporting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following is true regarding financial reporting under GASB Statement No. 34?a. A comparison of budget and actual revenues and expenditures for the general fund is required as part of the basic financial statements.b. Infrastructure must be recorded and depreciated as part of the statement of activities in the basic financial statements.c. Public colleges and universities are to report in exactly the same manner as private colleges and universities.d. Special purpose governments that have only business-type activities are permitted to report only the financial statements required for enterprise funds.
Which of the following entities is least likely to be included as a blended component unit in a county government’s financial statements? a. County library, funded by general obligation bonds b. Tobacco settlement financing authority, whose board members are appointed by the county c. County water authority, funded by debt secured by water revenues d. County building authority, whose board members are appointed by the county
The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is thea. Governmental Accounting Standards Board (GASB).b. National Council on Governmental Accounting (NCGA).c. Government Accounting and Auditing Committee of the AICPA (GAAC).d. Financial Accounting Standards Board (FASB).
What is the significance of the Certificate of Achievement for Excellence in Financial Reporting awarded to the City of Phoenix by the Government Finance Officers Association?
EBC specializes in consulting all of the following organizations except: Select one: O O O O A. County governments B. State governments C. City governments D. Special districts Previous Save Answers
The Summary of Significant Accounting Policies : not required in the CAFR Describes the methods used in the financial accounting system . a summary of the financial results of the operations of the governmental unit . usally the last note found in the CAFR .
Which of the following is not a power that a municipality must have to be considered fiscally independent of other governments? A.) To determine its budget B.) To levy taxes and set rates C.) To establish debt limitations D.) To issue bonds
Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Board
Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?
es The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2024: Cash and cash equivalents, governmental activities Cash and cash equivalents, business-type activities Receivables, governmental activities Receivables, business-type activities Inventories, business-type activities Capital assets, net, governmental activities Capital assets, net, business-type activities Accounts payable, governmental activities Accounts payable, business-type activities General obligation bonds, governmental activities Revenue bonds, business-type activities Long-term liability for compensated absences, governmental activities Required: $ 610,000 1,283,000 726,000 2,138,000 842,000 21,852,000 11,493,000 1,044,000 904,000 6,140,000 5,188,000 586,000 From the preceding information, prepare a Statement of Net Position for the City of Southern Springs as of April 30, 2024. Assume that outstanding bonds were…
Government Accounting-you will do a 5 page power point slide presentation and use the GASB codification as your guidance. Please include the following: Explain what the CAFR is Provide an outline for the minimum content of a CAFR Select a local CAFR (I can help you with this step) and identify the following: a. the entity’s most significant source of revenues and most significant expense; b. the entity’s most significant asset, and its most significant liability; c. two of the individual funds used by the government d. who prepared the report; e. who audited the report, and using what auditing standards.

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