Exam 12: State and Local Governments: External Financial Reporting

Use the following information to answer Questions bellow: At the beginning of fiscal 2020, the county government signs a 2-year lease, with $50,000 paid at signing, and $50,000 due at the end of fiscal 2020. The lease has an implicit interest rate of 3%, the present value of the lease payments is $98,544, and the leased equipment has an estimated life equal to the life of the lease, no residual value. -The lease is reported in the general fund. What amount is reported as expenditures for this lease in the fiscal 2020 governmental funds statement of revenues, expenditures and changes in fund balances?

Here are the government-wide financial statements and the funds statements for governmental and proprietary funds, for the State of California: Required For each of the following account titles reported in the financial statements of the State of California, indicate on which of the above six financial statements the item is reported. The account balance may be reported on one statement, more than one statement, or none of the statements. Indicate the number(s) of the statement(s) next to each item. If the item is not reported on any of the above statements, write N/A next to the item. -Government-wide statement of activities

The government-wide statement of net position includes all but which one of the following items?

In its government-wide statement of net position, a county government reports total assets of $400 million for governmental activities. In the governmental funds balance sheet, total assets for governmental funds are $100 million. Which item could explain why total assets of governmental activities is higher than total assets of governmental funds?

Use the following information to answer Questions bellow: $\text { Here is information for a county government: }$ Governmental funds Enterprise funds Total assets and deferred outflows \ 45,000,000 \ 40,000,000 Total liabilities and deferred inflows 44,000,000 38,000,000 Total revenues 250,000,000 290,000,000 Total expenditures/expenses 242,000,000 260,000,000 $\text { The county has four special revenue funds, with the following characteristics: }$ Beach preservation Health education Community protection Emergency call service Total assets and deferred outflows \ 2,000,000 \ 4,000,000 \ 4,800,000 \ 1,900,000 Total liabilities and deferred inflows 1,000,000 3,500,000 1,800,000 1,100,000 Total revenues 20,000,000 30,000,000 30,000,000 26,000,000 Total expenditures 15,000,000 26,000,000 25,000,000 24,000,000 -Which of these special revenue funds also meet the second criterion for reporting as a major fund in the governmental funds financial statements, and therefore will be reported as major funds?

The pension liability reported in the government-wide statement of net position is equal to

The year-end balance of amounts due from other governmental funds to the general fund is reported

Here are financial statements shown in a city's CAFR: Required For each of the following account titles related to the financial performance of the city, indicate, by statement number, on which of the above eight statements the account appears. The account may be reported on one statement or more than one statement. -Fund statement: Statement of fiduciary net position

Listed bellow are the required balance sheets and statements of net position for a county government: Required On which balance sheet(s) would each of the following accounts appear? Identify the financial statement(s) by number. The account may appear on one or more or none of the statements. If the account is not reported on any of the above financial statements, your answer is N/A. -Fund statement: balance sheet-governmental funds

Deferred inflows and outflows of resources may be found on

Here are some of the financial statements required in the CAFR for the City of White Plains, NY: Required For each of the following accounts related to the financial performance of the City of White Plains, indicate, by number, on which of the above financial statements the item is reported. The account may be reported on one statement, more than one statement, or none of the statements. If the item is not reported on any of the above statements, your answer is N/A. -Fund statement: Statement of revenues, expenses and changes in net position-proprietary funds

Here is information on a county's general fund performance for the year: Revenues and other financing sources in excess of expenditures and other Financing uses-GAAP basis..............$300,000 Outstanding encumbrances, beginning of year...............9,000 Outstanding encumbrances, end of year..................15,000 What are revenues and other financing sources in excess of expenditures and other financing uses for the year, appearing on the budgetary comparison schedule, which reports encumbrances using the legal budgetary basis?

Here is information on activities of governmental funds for a county government for the current year: Change in fund balances \ 1,500,000 Depreciation expense 600,000 Lease principal payments 85,000 Proceeds from issuing general long term debt 3,000,000 Outlays for general capital assets 2,800,000 Increase in pension and OPEB liability 100,000 Gain on disposal of general capital assets 10,000 Proceedsfrom the sale of general capital assets 150,000 Amortization of bo nd premiums 4,000 The change in net position of governmental activities, reported on the government-wide statement of activities, is:

Here are some of the financial statements required in the CAFR for the State of Rhode Island: For each of the following accounts related to the financial performance of the State of Rhode Island, indicate on which of the above financial statements the account is reported. The account may appear on one statement, more than one statement, or none of the statements. Indicate the number(s) of the statement(s) next to each account title. If the item is not reported on any of the above statements, write N/A in the space. -Government-wide statement: Statement of activities

Here are financial statements shown in a city's CAFR: Required For each of the following account titles related to the financial performance of the city, indicate, by statement number, on which of the above eight statements the account appears. The account may be reported on one statement or more than one statement. -Fund statement: Balance sheet-Governmental funds

Flathead County, Montana reports the following balances at June 30, 2021, its fiscal year-end, using full accrual accounting: (in thousands) Governmental activities Business-type activities Assets Cash and cash equivalents \ 44,100 \ 9,700 Receivables, net 2,500 19,300 Due from other governmental funds 200 Due from other governments 1,550 - Inventories 1,200 - Capital assets, net 92,200 20,300 Assessments receivable 3,800 - Deferred outflows of resources: pensions 11,800 200 Liabilities Operating payables 5,000 300 Due to other governmental funds 200 Due to other governments 185 - Current portion of long-term capital liabilities 800 - Current portion of compensated absences payable 2,750 140 Unearned revenue 315 - Landfill closure postclosure liability - 9,600 Noncurrent portion of long-term capital liabilities 9,800 - Noncurrent portion of compensated absences payable 920 50 Noncurrent portion of net pension and OPEB liability 37,030 1,020 ferred inflows of resources: pension deferrals 2,350 5 Additional information (in thousands): 1) The net position of governmental activities has the following restrictions: general government, $850; public health and safety, $12,800; capital projects, $5,800, and debt service $5,300. 2) Business-type activities consist of a solid waste facility. There are no restrictions on the facility's net position. Required a. Calculate total assets of governmental activities at June 30, 2021. b. Calculate total net position of governmental activities and business-type activities at June 30, 2021. c. Prepare the net position section of the government-wide statement of net position at June 30, 2021, in good form. d. Flathead County reports deferred inflows and also deferred outflows related to pensions. Explain the nature of each balance and its treatment in future years.

The year-end balance of amounts due from an enterprise fund to the general fund is reported

Use the following information to answer Questions bellow: At the beginning of fiscal 2019, a county government acquires equipment for $4,000,000. The equipment has an estimated life of 5 years, and straight-line depreciation is used, with no residual value, if appropriate. At the end of fiscal 2020 (two years later), the government disposes of the equipment for $1,800,000. -If the equipment is reported in an enterprise fund, how is its disposal reported in the fiscal 2020 CAFR?

For questions bellow, use the numbers from the following financial statements required in a county government's CAFR to identify where the account is reported: 1) Government-wide statement: Statement of net position 2) Government-wide statement: Statement of activities 3) Fund statement: Balance sheet-Governmental funds 4) Fund statement: Statement of revenues, expenditures and changes in fund balances-Governmental funds 5) Fund statement: Statement of net position-Proprietary funds 6) Fund statement: Statement of revenues, expenses and changes in net position-Proprietary funds -On which financial statement(s) are unrealized losses on derivatives investments of proprietary funds reported?

Listed bellow are the required balance sheets and statements of net position for a county government: Required On which balance sheet(s) would each of the following accounts appear? Identify the financial statement(s) by number. The account may appear on one or more or none of the statements. If the account is not reported on any of the above financial statements, your answer is N/A. -Government-wide statement: statement of net position