Chp_9_Homework

Chp_9_Homework - CHAPTER 9: FINANCIAL REPORTING OF STATE...

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CHAPTER 9: FINANCIAL REPORTING OF STATE AND LOCAL GOVERNMENTS Answers to Questions 9-1 According to the Bureau of Census a special district is a special purpose government, other than a school district, that is separate from the general purpose government. A special district has considerable administrative and fiscal independence from the general purpose government. Special districts are frequently created to allow for financing of general purpose government activities, which cannot be financed by the general purpose government due to constitutional or statutory limits on revenue generation. 9-2 A note to the financial statements is an integral part of the financial statements. It is used to provide information that is essential to the reader’s understanding of information recognized in the financial statements. Although required supplementary information is considered to provide information that is essential to the reader, it does not exist to help explain information recognized in the financial statements. Rather, required supplementary information is used to help place the financial statements and the related notes into the correct context. 9-4 According to GASB a financial reporting entity is a primary government, organizations for which the primary government is financially accountable and other
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Chp_9_Homework - CHAPTER 9: FINANCIAL REPORTING OF STATE...

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