In order to be useful statements must be relevant

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Unformatted text preview: uestion. In order to be useful, statements must be relevant, reliable, understandable, timely, consistent and comparable. 9-5 Chapter 09 - Financial Reporting of State and Local Governments Ch. 9, Solutions (Cont’d) Solutions to Exercises and Problems 9-1. Since each of the students will have a different annual report, the solutions to 9-1 should differ from student to student. Note that not all reports that say “CAFR” on the cover have three sections. Some reports may only contain the middle or financial section. 9-2. 1. 2. 3. 4. 5. d. a. b. a. d. 6. 7. 8. 9. 10. d. c. a. c. d. 9-3. 1. 2. 3. 4. 5. a. b. d. d. a. 6. 7. 8. 9. 10. b. b. d. c. a. 9-6 Chapter 09 - Financial Reporting of State and Local Governments Ch. 9, Solutions (Cont’d) 9-4. CITY OF LYNNWOOD TRANS. FUND NO. OR ACTIVITY 1. GF ACCOUNT TITLE ESTIMATED REVENUES AMOUNTS Debits Credits 2,000,000 APPROPRIATIONS 1,990,000 BUDGETARY FUND BALANCE 2. GF TAXES RECEIVABLE—CURRENT 10,000 1,940,000 ESTIMATED UNCOLLECTIBLE CURRENT TAXES 9,000 REVENUES GA TAXES RECEIVABLECURRENT 1,931,000 1,940,000 ESTIMATED UNCOLLECTIBLE CURRENT TAXES 9,000 GENERAL REVENUES— PROPERTY TAXES 3. GF OFU—INTERF...
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This note was uploaded on 05/20/2010 for the course ACCOUNTING 580 taught by Professor Waymire during the Spring '10 term at Northern Virginia.

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