Exam 12: State and Local Governments: External Financial Reporting

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. -Fund statement: Balance sheet-Governmental funds

Below is information on a county's results of operations for the current year, for the general fund. Excess of revenues and other financing so urces over expendit ures and other financing uses, leg al budget basis \ 670,000 Revenues accrued on the modified accrual basis but not on a budget basis 40,000 Excess of revenues over expenditures for unbudg eted activities and funds 25,000 Outstanding encumbrances of governmental funds, beginning of year 8,000 Outstanding encumbrances of governmental funds, end of year 5,000 What is the excess of revenues and other financing sources over expenditures and other financing uses for the general fund, as reported in the governmental funds operating statement, prepared on a modified accrual basis, using the GAAP basis for encumbrances?

A county's operating statement for governmental funds reports general government expenditures of $25 million. The statement of activities reports general government expenses of $62 million. Which one of the following items would not help explain why general government expenses are greater than general government expenditures?

A county owns many roads, bridges, and other infrastructure. If this infrastructure is well maintained, the government may report depreciation on the infrastructure

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 the general fund, what amount is subtracted in the fiscal 2020 reconciliation of the change in fund balances of governmental funds to the change in net position of governmental activities, related to this equipment?

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 does it appear in the fiscal 2019 CAFR?

A county's CAFR shows an increase in fund balances of governmental funds of $15 million and a decrease in net position of governmental activities of $3 million. What would be a reason why the change in net position of governmental activities is $18 million lower than the change in fund balances of governmental funds?

The government-wide financial statements divide activities between which two types?

Granite County entered the following equipment lease agreements at the beginning of fiscal 2020: 1) The general fund signed a 4-year lease, with $100,000 paid at signing, and $100,000 due at the end of fiscal 2020, fiscal 2021, and fiscal 2022. The lease had a 3.5% implicit interest rate, and the present value of the payments is $380,163. 2) The water and sewer facility (enterprise fund) signed a 3-year lease, with $100,000 paid at signing, and $100,000 due at the end of fiscal 2020 and 2021. The lease had a 3.5% implicit interest rate, and the present value of the payments is $289,969. The leased equipment has an estimated life equal to the life of the lease, no residual value. Round all dollar amounts to the nearest dollar. Required a. Prepare the journal entries to record lease activities in the general fund and the enterprise fund for fiscal 2020. b. Prepare the journal entries to record the lease activities in the government-wide statements for fiscal 2020. c. Identify the reconciliation items for fiscal 2020 in 1) The reconciliation of fund balances of governmental funds to net position of governmental activities. 2) The reconciliation of changes in fund balances of governmental funds to change in net position of governmental activities. d. Identify the reconciliation items for fiscal 2021 (a year later) in 1) The reconciliation of fund balances of governmental funds to net position of governmental activities. 2) The reconciliation of changes in fund balances of governmental funds to change in net position of governmental activities.

Listed bellow the required operating statements for a county government: Required On which statement(s) would each of the following accounts appear? Identify the financial statement(s) by number. The account may appear on one statement or more than one statement, or none of the operating statements. If the account is not reported on any of the above statements, your answer is N/A. -Fund statement: Statement of revenues, expenditures, and changes in fund balances-governmental funds

In a reconciliation of change in fund balances-governmental funds to change in net position-governmental activities, which one of the following is not a correct reconciliation item?

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. -Fund statement: Statement of fiduciary net position

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 net position-proprietary funds

In the footnotes to the financial statements of a CAFR, there is a schedule reconciling the general fund "budgetary actual" results to the actual change in fund balances reported by the general fund in its operating statement. Which one of the following would not be included as a reconciliation item in this schedule?

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 changes in fiduciary net position

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. -Proprietary funds statement of revenues, expenses, and changes in net position

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, expenditures and changes in fund balances-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 \ 102,000,000 Total liabilities and deferred inflows 16,000,000 48,000,000 Total revenues 250,000,000 280,000,000 Total expenditures /expenses 242,000,000 160,000,000 $\text { The county has four capital projects funds, with the following characteristics: }$ Road fund Bridges fund Buildings fund Equipment fund Total assets and deferred outflows \ 8,000,000 \ 4,000,000 \ 3,500,000 \ 7,000,000 Total liabilities and deferred inflows 1,500,000 1,200,000 2,000,000 3,000,000 Total revenues 24,000,000 26,000,000 22,000,000 26,800,000 Total expenditures 28,000,000 23,000,000 20,000,000 26,000,000 -Which of these capital projects funds meet the first criterion for reporting as major funds in the governmental funds financial statements?

Listed bellow the required operating statements for a county government: Required On which statement(s) would each of the following accounts appear? Identify the financial statement(s) by number. The account may appear on one statement or more than one statement, or none of the operating statements. If the account 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

In a reconciliation of total governmental fund balances to net position of governmental activities, which one of the following is not a correct reconciliation item?