Chapter+2+HW+Solutions+to+Cases

Chapter+2+HW+Solutions+to+Cases - 2-3 Identification of...

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Chapter 2 HW Solutions to Cases 1. Obtaining a CAFR is becoming less difficult as a growing number of local governments post their CAFRs and budgets on their Web sites, as well as on the GASB’s Web site. Usually a bit of surfing under the Finance Department link of a government’s Web site will reveal the CAFR, which typically is downloadable as an Adobe Acrobat file. At any rate, once a CAFR is obtained it should be a relatively easy task to scroll down to the notes to the financial statements. Under the heading Summary of Significant Accounting Policies , the first note usually found is the description of the reporting entity. All information needed to complete this case should be readily available once the student finds the reporting entity note.
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Unformatted text preview: 2-3. Identification of which funds are reported as major funds is readily accomplished by viewing the governmental funds balance sheet and statement of revenues, expenditures, and changes in fund balances. Once a student calculates 10 percent of total governmental fund assets, liabilities, revenues, and expenditures, and 5 percent of governmental and enterprise fund totals for the same elements, it should be relatively simple to compare the totals for these elements for each major fund to the 10 percent and 5 percent amounts. Comparisons for the General Fund are unnecessary since this fund is always reported as a major fund....
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