Chapter009 - CHAPTER 9 FINANCIAL REPORTING OF STATE AND...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 9: FINANCIAL REPORTING OF STATE AND LOCAL GOVERNMENTS OUTLINE Number Topic Type/Task Status (re: 13/e) Questions: 9-1 Use of funds List Same 9-2 Minimum number of funds Explain Same 9-3 Interim reports Describe Same 9-4 Sections of a CAFR List Same 9-5 Transfers among funds Discuss Same 9-6 Primary government vs. component unit Explain New 9-7 Discrete vs. blended presentation Explain 9-6 9-8 Preparing government-wide statements Describe Same 9-9 Reconciliation of financial statements Examples New 9-10 Contemporary issues Explain New Cases: 9-1 Reporting entity Evaluate Same 9-2 Letter of transmittal Evaluate, report Same 9-3 Popular reports Internet Revised Exercises/Problems: 9-1 Examine the CAFR Examine Revised 9-2 Various Multiple Choice Revised 9-3 Various Multiple Choice Revised 9-4 Independent transactions Journal Entries Question 9-9, revised 9-5 Comprehensive set of transactions Journal Entries Revised 9-6 General Fund adjusting and closing entries Journal Entries Revised 9-7 Adjusting net asset balances Matching New 9-8 Reconciliation Calculation New 9-1
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
CHAPTER 9: FINANCIAL REPORTING OF STATE AND LOCAL GOVERNMENTAL UNITS Answers to Questions 9-1. a . Funds are needed in accounting for governmental financial operations because of the variety of special purposes and restrictions under which most governmental resources are expended. The fund is an accounting device (a fiscal and accounting entity) used to separate governmental assets and resources according to the special purposes for which they must be used. b . The answer to this question may be found in Chapter 2 and in Chapter 9. Discussing any five of the 11 fund types (five governmental fund types, two proprietary fund types, and four fiduciary fund types) will be a satisfactory answer to the question. 9-2. It is possible that a government may exist that would need only a General Fund, but it is more likely that the practical minimum number of funds would include one or more special revenue funds and probably a debt service fund. In addition to the General Fund, the government would have to maintain records for capital assets and long-term liabilities to facilitate preparation of government-wide financial statements. 9-3. Administrators need periodic reports in order to make day-to-day operating and management decisions. The news media and residents who are concerned with specific aspects of the financial management of the entity will want to receive periodic information that is timely, so that it is relevant. Government council members should expect at least monthly financial information so that they can provide oversight of the managers. 9-4. According to GASB standards, the three major sections of a CAFR are: (1) the Introductory Section, (2) the Financial Section, and (3) the Statistical Section. The required content of each section is described in Chapter 9.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern