Exam 15: Financial Reportingthe Comprehensive Annual Financial Report and the Financial Reporting Entity

In the basic financial statements, separate sets of fund financial statements should be presented for

Listed below are various statements, schedules, notes, and other elements that appear in a Comprehensive Annual Financial Report CAFR. A. Demographic and Economic Information B. Organization Chart C. Table of Contents D. Statement of Net Position E. Schedule of Revenues, Expenditures, and Change in Fund Balance - Budget-to-Actual 1. Identify the major section of the CAFR in which each element is found. a. Introductory b. Financial c. Statistical 2. Identify the major subsection of the CAFR in which each element is found. a. Introductory b. Required Supplementary Information c. Basic Financial Statements d. Notes to the Financial Statements e. Other Required Supplementary Information f. Supplementary or Other Information g. Statistical Section 3. List each element in the proper order that they are found in the CAFR. A. Demographic and Economic Information B. Organization Chart C. Table of Contents D. Statement of Net Position E. Schedule of Revenues, Expenditures, and Change in Fund Balance - Budget-to-Actual F. Proprietary Fund Statement of Cash Flows G. Summary of Significant Accounting Policies H. Letter of Transmittal I. Governmental Funds Balance Sheet J. Capital Asset note disclosure K. Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities L. Management's Discussion and Analysis M. Statement of Net Position - Component Units N. GFOA Certificate of Achievement for Excellence in Financial Reporting O. Schedule of Employer Contributions P. Statement of Fiduciary Net Position Q. Parks and Recreation Special Revenue Fund Balance Sheet R. Changes in Net Position, Last 10 Years S. Statement of Activities T. Auditor's Report

Management's Discussion and Analysis is

Which fund type would be reported in the Statement of Revenues, Expenditures, and Changes in Fund Balance?

The introductory section of a CAFR typically includes all of the following except

Substantively the same governing body means that

When there are more than two funds of the relevant fund type, combining financial statements would not be required in the CAFR for which types of funds?

If a governmental entity has a blended component unit, the note disclosures should include all of the following except

In which of the following situations would a component unit be required to prepare a CAFR, not just the basic financial statements?

An entity is a component unit of another entity if

The independent auditor's opinion covers, at a minimum, the

Assume that a blended component unit of the town has its own General Fund, Special Revenue Fund, and Capital Projects Fund. All funds meet the major fund criteria. The primary government has a General Fund, three Special Revenue Funds, one Permanent Fund, one Debt Service Fund, and three Capital Projects Funds. All but the Permanent Fund and two Special Revenue Funds of the primary government are major funds. How many fund columns would be presented on the governmental funds' balance sheet?

Which of the following statements is false?

Which of the following criteria is not required to be met for a government to be considered fiscally independent?

Which of the following potential component units would not be reported as blended component unit of the county?

Footnote information that duplicates information in financial statements included in the CAFR

Wakefield Village and Wakefield County were partners in the development of the Wakefield Water Authority, which is a separate legal entity. Neither the village nor the county will share in any profits of the Authority. Both, however, are obligated to fund any deficits or debt defaults that may occur, though this scenario is considered to be highly unlikely. Both the village and the county appoint three of the seven Water Authority board members. The seventh is appointed by another village in the county. Both the Wakefield Village and Wakefield County should report the Authority as

GAAP do not require

In reviewing their governmental funds, a local municipality determines that three of the funds including the General Fund are considered major funds and the remaining six governmental funds are nonmajor. However, management prefers to report all of its governmental funds as major funds. What is the maximum number of fund columns that could be presented on the governmental fund balance sheet?

What is the maximum number of columns that could appear on the statement of fiduciary net position in the fund financial statements presented as part of the basic financial statements?