Exam 12: State and Local Governments: External Financial Reporting

A county presents a budgetary comparison schedule for its water fund, an enterprise fund. Budgetary basis actual revenues less expenditures and other financing uses for the year is $90,000. However, in the water fund's operating statement, prepared following full accrual accounting, the change in net position for the year is $3,300,000. The budgetary basis uses the purchases method for inventory and the modified accrual basis for revenues and expenditures. Here is additional information for the year. Increase in accrued noncurrent compensated absences \ 15,000 Increase in pension and OPEB liabilities for benefits earned during the year 400,000 Increase in inventory 30,000 Capital outlay 2,000,000 Depreciation 1,890,000 Debt principal payments 3,400,000 Increase in accrued interest payable 5,000 Amortization of deferred loss on debt refunding 60,000 Amortization of debt issue premium 150,000 Required Prepare a schedule reconciling the budgetary actual amount to the GAAP change in net position, as reported in the water fund's operating statement.

Increases in a government's pension liability that are due to benefits earned in the current year are reported in

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 revenues, expenses and changes in net position-Proprietary funds

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. -Government-wide statement: Statement of net position