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.

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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Question

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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