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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2MC: Which of the following is the federal, independent agency that provides oversight of public...

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The body currently responsible for developing local governmental accounting standards is the a. Financial Accounting Standards Board (FASB) b. Governmental Accounting Standards Board (GASB) c. National Council on Governmental Accounting (NCGA) d. Municipal Finance Officers Association (MFOA)
Which of the following has the least amount of official authority for the financial reporting of state and local governments? Choose the correct.a. GASB Technical Bulletins.b. GASB Statements of Governmental Accounting Standards.c. GASB Concepts Statements.d. GASB Implementation Guides.
Identify the types of financial statements issued annually by federal agencies. Compare and contrast them against the financial statements issued by a state government and a for-profit business. Discuss why there is a difference between the three.
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Activities of a general purpose government that provide the basis for GASB's financial accounting and reporting framework consist of governmental, business-type, and fiduciary. a. True b. False
How has the dual system of financial statements impacted the financial reporting of state and local governments?
A governmental agency can best be described by which of the following statements? A. has a primary purpose of making a profit B. has a primary purpose of using taxpayer funds to provide services C. produces goods for sale to the public D. has regular shareholder meetings
Differentiate between the two sets of financial statements produced by state and local governments.
Explain the history of and the reasons for the unique characteristics of the financial statements produced by state and local governments.
The Financial Accounting Standards Board has the responsibility for setting accounting and financial reporting standards for which of the following? Multiple Choice O O O O Special purpose governments with a business purpose. All not-for-profit organizations. All not-for-profit organizations that are nongovernmental and business entities. All not-for-profit organizations and business entities.
Define a financial reporting entity. Give an example of a primary government. Define and give an example of a component unit. Explain the two methods of reporting the primary government and component units in the financial reporting entity and when each is required.
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