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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
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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.
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This note was uploaded on 04/06/2010 for the course ACCT 100 taught by Professor Smith during the Spring '10 term at Harvard.

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