Chap009 - CHAPTER 9: FINANCIAL REPORTING OF STATE AND LOCAL...

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Unformatted text preview: CHAPTER 9: FINANCIAL REPORTING OF STATE AND LOCAL GOVERNMENTS OUTLINE Number Topic Type/Task Status (re: 12/e) Questions: 9-1 Use of funds List 9-1 9-2 Minimum number of funds Explain 9-2 9-3 Interim reports Describe 9-3 9-4 Sections of a CAFR List 9-6 9-5 Transfers among funds Discuss 9-4 9-6 Discrete vs. blended presentation Explain New 9-7 Primary government and component units Explain 9-9 9-8 Preparing government-wide statements Describe 9-7 9-9 Four independent transactions Journalize 9-8 9-10 Contemporary issues Describe 9-10 Cases: 9-1 Reporting entity Evaluate 9-1 9-2 Letter of transmittal Evaluate, report 9-2 9-3 Popular reports Internet 9-3 Exercises/Problems: 9-1 Examine the CAFR Examine 9-1 9-2 Various Multiple Choice 9-2,9-3,9-4 9-3 Various Multiple Choice 9-2,9-3,9-4 9-4 Various Multiple Choice 9-2,9-3,9-4 9-5 Independent transactions Journal Entries 9-5 9-6 Comprehensive set of transactions Journal Entries 9-6 9-7 General Fund adjusting and closing entries Journal Entries 9-7 177 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 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 governmental unit 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. 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 over 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 contents of each section is described in detail 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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Chap009 - CHAPTER 9: FINANCIAL REPORTING OF STATE AND LOCAL...

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