Chapter 11 Continuing Problems

Chapter 11 Continuing Problems - They are not included...

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Chapter 11 Continuing Problems 1. Do the notes to the financial statements indicate the component units and other related entities that are included within the reporting entity? Do they indicate any units that are not included? Do they explain why these units are included or excluded? Discrete component units are entities which are legally separate from the state but which are financially accountable to the state. The notes of the Financial statements do indicate the component units and other related entities that are included within the reporting entity. The do indicate the units that are not included which are: Washington State Housing Finance Commission Washington Higher Education Facilities Authority Washington Economic Development Finance Authority Washington Health Care Facilities Authority
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Unformatted text preview: They are not included because they are nonmajor component Units. 2. How are the component units presented in the government-wide financial statements? The state discretely reports one major component unit, the Washington State Public Stadium Authority, and four nonmajor component units. Refer to Note 1 on pages 59-60 for more detailed information. Individual fund data for the states nonmajor component units are provided in the form of combining statements elsewhere in this report. The component unit financial statements can be found on pages 54-55 of this report. Component units, are reported in the primary government financial statements using the fund structure prescribed by GASB. http://www.ofm.wa.gov/cafr/2009/CAFR09.pdf 3. How are they presented in the fund statements?...
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This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.

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