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Essentials of Accounting for Governmental and Not-for-Profit Organizations 12th Edition by Paul Copley
Edition 12ISBN: 978-0078025815Essentials of Accounting for Governmental and Not-for-Profit Organizations 12th Edition by Paul Copley
Edition 12ISBN: 978-0078025815 Exercise 1
Obtain a copy of a recent Comprehensive Annual Financial Report (CAFR). These may be obtained by writing the director of finance in a city or county of your choice. Your instructor may have one available for you, or you may obtain one from the GASB website: www.gasb.org. It would be best, but not absolutely necessary, to use a CAFR that has a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. You will be answering questions related to the CAFR in Chapters 1 through 9. Answer the following questions related to your CAFR.
a. What are the inclusive dates of the fiscal year
b. Write the name and address of the independent auditor. Is the auditor's opinion unqualified If not, describe the qualification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements
c. Does the report contain an organization chart A table of contents A list of principal officials A letter of transmittal Is the letter of transmittal dated and signed by the chief financial officer List the major items of discussion in the letter of transmittal.
d. Does the report include a Management's Discussion and Analysis List the major items of discussion.
e. Does the report include the government-wide statements (Statement of Net Position and Statement of Activities)
f. Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements).
a. What are the inclusive dates of the fiscal year
b. Write the name and address of the independent auditor. Is the auditor's opinion unqualified If not, describe the qualification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements
c. Does the report contain an organization chart A table of contents A list of principal officials A letter of transmittal Is the letter of transmittal dated and signed by the chief financial officer List the major items of discussion in the letter of transmittal.
d. Does the report include a Management's Discussion and Analysis List the major items of discussion.
e. Does the report include the government-wide statements (Statement of Net Position and Statement of Activities)
f. Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements).
Explanation
Verified
Verified
a.
The inclusive dates of the fiscal year are January to December.
b.
The GASB is audited by MC Gladrey LLP. It is located in New Haven Connecticut.
The auditors have given unqualified opinion.
The opinion has been given on combining and individual fund statements.
c.
The report has single audit section given at the end of the audit report.
d.
Yes. The report contains the table of contents and list of principal officers and signed by chief financial officer.
It states the financial responsibility of the management and internal controls.
e.
Yes. The report contains the management and analysis. The major items of discussion in this report are direct costs of subscription and publications, program expenses, support expenses, pension-related changes not reflected in operating expenses and class action settlement.
f.
No. the report doesn't include the government-wide statements.
g.
No. The report doesn't reflect the fund financial statements.
The inclusive dates of the fiscal year are January to December.
b.
The GASB is audited by MC Gladrey LLP. It is located in New Haven Connecticut.
The auditors have given unqualified opinion.
The opinion has been given on combining and individual fund statements.
c.
The report has single audit section given at the end of the audit report.
d.
Yes. The report contains the table of contents and list of principal officers and signed by chief financial officer.
It states the financial responsibility of the management and internal controls.
e.
Yes. The report contains the management and analysis. The major items of discussion in this report are direct costs of subscription and publications, program expenses, support expenses, pension-related changes not reflected in operating expenses and class action settlement.
f.
No. the report doesn't include the government-wide statements.
g.
No. The report doesn't reflect the fund financial statements.
Essentials of Accounting for Governmental and Not-for-Profit Organizations 12th Edition by Paul Copley
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