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The Comprehensive Annual Financial Report of a Local Governmental Unit

Question 121

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The Comprehensive Annual Financial Report of a local governmental unit includes several statements and sections. When a financial analyst is computing ratios and extracting other information, he or she needs to know where in the CAFR to look. Use the following classification to indicate where an analyst would look in the CAFR to compute the ratios and gather information by placing the appropriate letters in the space next to each item. When possible, choose the location in the basic financial statements or notes that would be subject to examination:

Premises:
Information regarding actual and planned maintenance of infrastructure, when the modified approach is used
Summary information regarding overall government financial performance for the year
City management organizational chart
Actual expenditures/budgeted expenditures.General Fund
Total expenses for interest for a major enterprise fund
Assessed value of property
Unreserved fund balance/revenues.General Fund
Debt service/total governmental revenues
Unfunded pension liability for the government as a whole
Schedule of direct and overlapping debt
Net debt to fair value of property
Interest coverage.revenue bonds
Unrestricted Net Position.governmental activities/general government expenses.governmental activities
Cash expended on capital assets. enterprise activities
Cash balances in a pension trust fund
Net debt per capita
Debt limit and debt margin
Operating ratio.enterprise funds
Governmental revenues per capita
Information regarding balances for a nonmajor enterprise fund
Responses:
Proprietary funds Statement of Cash Flows
Required Supplementary Information other than MD&A
Government.wide Statement of Net Position
Proprietary funds Statement of Net Position
Proprietary funds Statement of Revenues, Expenses, and Changes in Fund Net Position
Fiduciary funds Statement of Changes in Fiduciary Net Position
Notes to the Basic Financial Statements
Letter of transmittal.introductory section
Statistical Section
Management’s Discussion and Analysis
Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental funds Balance Sheet
Auditor’s opinion
Combining and individual fund statements Other Supplementary Information)
Government.wide Statement of Activities
Fiduciary funds Statement of Fiduciary Net Position

Correct Answer:

Information regarding actual and planned maintenance of infrastructure, when the modified approach is used
Summary information regarding overall government financial performance for the year
City management organizational chart
Actual expenditures/budgeted expenditures.General Fund
Total expenses for interest for a major enterprise fund
Assessed value of property
Unreserved fund balance/revenues.General Fund
Debt service/total governmental revenues
Unfunded pension liability for the government as a whole
Schedule of direct and overlapping debt
Net debt to fair value of property
Interest coverage.revenue bonds
Unrestricted Net Position.governmental activities/general government expenses.governmental activities
Cash expended on capital assets. enterprise activities
Cash balances in a pension trust fund
Net debt per capita
Debt limit and debt margin
Operating ratio.enterprise funds
Governmental revenues per capita
Information regarding balances for a nonmajor enterprise fund
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