Essentials of Accounting for Government and Not-for-Profit Organizations - 11e, Copley(author) solutions manual and test bank

Copley - Essentials of Accounting for Government and Not-for-Profit Organizations - 11e,  solutions manual  and test bank
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Chapter 2 Overview of Financial Reporting for State and Local Governments

2-1.          The solution to this and the first exercise of Chapters 1 and 3 through 9 will differ from student to student assuming each has a different CAFR.

2-2.     

A.              A financial reporting entity is a primary government, organizations for which the primary government is financially accountable, and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete.

B.              A primary government is a state government or general purpose local government. An example of a primary government would be any state, municipality, or county (general purpose governments) and any special-purpose local government that meets the certain criteria. In some states, school disricts are generally primary governments as the governing boards are independently elected, levy their own taxes, and are financially independent.

C.              A component unit is a legally separate organization for which the elected officials of the primary government are financially accountable. In addition, a component unit can be another organization for which the nature and significance of its relationship with a primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete. An example might be a library with a separate board appointed by a city council and in which the city council must approve its budget and make up its deficits.

D.              The two primary methods for reporting component units in the financial statements of a primary government are blending and discrete presentation. Blending reports the component unit as one of the funds of the primary government, which then results in including the component unit as part of the basic financial statements. Blending is used only when component units are sufficiently intertwined with the primary government that they are, in substance, the same as the primary government. Discrete presentation involves reporting the component unit in a column to the right of the primary government in the government-wide financial statements of the reporting entity.

2-3.

A.         The three major sections of the Comprehensive Annual Financial Report are the introductory, financial, and statistical sections.

B.         The Government-Wide Financial Statements are the Statement of Net position and the Statement of Activities. Government-Wide Statements are presented using the economic resources measurement focus and the accrual basis of accounting.

C.         The Governmental Fund Statements are the Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances. Governmental Fund Statements are presented using the current financial resources measurement focus and modified accrual basis of accounting.

D.         The Proprietary Fund Statements are the Statement of Net position (or Balance Sheet), Statement of Revenues, Expenses, and Changes in Fund Net position, and the Statement of Cash Flows. The Proprietary Fund Statements are prepared using the economic resources measurement focus and the accrual basis of accounting.

E.         The Fiduciary Fund Statements are the Statement of Fiduciary Net position and the Statement of Changes in Fiduciary Net position. Fiduciary Fund Statements are prepared using the economic resources measurement focus and the accrual basis of accounting.

F.          Management's Discussion and Analysis (MD&A) is considered to be Required Supplementary Information (RSI) and is presented in the financial section after the auditor's report. The remainder of RSI is generally presented after the notes to the financial statements and includes (a) a schedule of funding progress and a schedule of employer contributions for pension plans included in the report, (b) budgetary comparison schedules, (c) information regarding infrastructure assets when using the modified approach, and (d) information required for external financing pools.

2.4       The General Fund is always considered a major fund. Other governmental funds are considered major when both of the following conditions exist: (a) total assets, liabilities, revenues, or expenditures of that individual governmental fund constitute 10 percent of the total for the governmental funds category, and (b) total assets, liabilities, revenues, or expenditures of that individual governmental or enterprise fund are 5 percent of the total of the governmental and enterprise categories, combined. Additionally, a government may designate any fund major if reporting that fund separately would be useful.

An enterprise fund is considered major if: (a) assets, liabilities, revenues, or expenses are 10 percent or more of the total for all enterprise funds, and (b) its assets, liabilities, revenues, or expenses are 5 percent or more of the total of the governmental and enterprise categories, combined.