The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Following is a list of entities being considered for classification as primary governments. 1. Waseca County government. 2. University of South Florida, a part of the State University System of Florida. 3. The Tri-County Independent School District, a legal entity, with an elected board and financial independence. 4. The State of Colorado._______ 5. Greenfield Sports Authority, a joint venture between Greenfield County and the Mighty Ducks Sports franchise. page 417 Required For each of the entities listed, indicate with a Y (yes) if the entity would be considered a primary government and with an N (no) if it would not be considered a primary government. In addition, explain why you believe the entity should or should not be considered a primary government. —————
The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Following is a list of entities being considered for classification as primary governments. 1. Waseca County government. 2. University of South Florida, a part of the State University System of Florida. 3. The Tri-County Independent School District, a legal entity, with an elected board and financial independence. 4. The State of Colorado._______ 5. Greenfield Sports Authority, a joint venture between Greenfield County and the Mighty Ducks Sports franchise. page 417 Required For each of the entities listed, indicate with a Y (yes) if the entity would be considered a primary government and with an N (no) if it would not be considered a primary government. In addition, explain why you believe the entity should or should not be considered a primary government. —————
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The GASB defines a financial reporting entity as the primary government and the entities for which the primary
government is financially accountable. Following is a list of entities being considered for classification as primary
governments. 1. Waseca County government. 2. University of South Florida, a part of the State University
System of Florida. 3. The Tri-County Independent School District, a legal entity, with an elected board and
financial independence. 4. The State of Colorado._______ 5. Greenfield Sports Authority, a joint venture between
Greenfield County and the Mighty Ducks Sports franchise. page 417 Required For each of the entities listed, indicate
with a Y (yes) if the entity would be considered a primary government and with an N (no) if it would not be considered a
primary government. In addition, explain why you believe the entity should or should not be considered a primary
government.
—————
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