Exam 12: State and Local Governments: External Financial Reporting

In a reconciliation of change in fund balances-governmental funds to change in net position-governmental activities, which one of the following is a correct reconciliation item?

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, how is its disposal reported in the fiscal 2020 CAFR?

The following information is taken from the fiscal 2017 CAFR of the City of St. Louis. The City's fiscal year ends June 30, and all amounts are as of June 30, 2017. (amounts are in thousands): Total fund balances-governmental funds \ 186,852 Net position of internal service funds 5,658 Accrued noncurrent vacation and sick leave of governmental funds 49,219 OPEB obligation of governmental funds 234,180 Long-term liabilities of proprietary funds 825,366 Capital assets, less accumulated depreciation, of governmental funds 908,124 Net pension liability, governmental funds 604,324 Taxes receivable not a source of current resources, governmental funds 9,288 Other long-term liabilities, governmental funds 958,265 Net position of enterprise funds 1,317,495 Accrued interest payable, governmental funds 134,861 Unamortized bond discounts, governmental funds 2,444 Unamortized bond premiums, governmental funds 23,628 Deferred outflows of resources: bond refunding, governmental funds 236,904 Deferred inflows of resources: bond refunding, governmental funds 15,788 Required Prepare a schedule showing the reconciliation of total fund balances-governmental funds (as reported on the governmental funds balance sheet) to the net position-governmental activities (as reported on the government-wide statement of net position). Not all the information items above are needed to do this reconciliation.

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 asset is reported for this lease in the governmental funds balance sheet at the end of fiscal 2020?

The year-end balance of amounts due from other governments to the enterprise fund is reported

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 net position

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 net position-Proprietary funds

As compared with modified accrual accounting, full accrual accounting for governments

Which account might appear on the government-wide statement of net position?

The pension liability reported on the governmental funds balance sheet is equal to

Which fund statements are presented in the CAFR for governmental funds?

Listed bellow are the required balance sheets and statements of net position for a state 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 financial 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

In a county's CAFR for the current fiscal year, governmental activities expenses on the government-wide statement of activities are $200 million and governmental fund expenditures on the governmental funds statement of revenues, expenditures, and changes in fund balances are $225 million. What is a possible reason why expenditures are higher than expenses?

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 the proceeds from disposal of capital assets of governmental and proprietary funds reported?

The activities of which fund type appear in the governmental activities section of the government-wide financial statements?

In the statement of net position, the net position section is displayed using the same categories for

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 changes in fiduciary net position

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 revenues, expenses, and changes in net position-Proprietary funds

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 changes in net position-custodial fund

On which financial statements in a state's CAFR are investments in securities, not held for hedging, reported at fair value?