+1 862 207 3288 Anaheim CAFR
2 1 Examine the C AFR. Utilizing the CAFR obtained for Exercise/Problem l l.
examine the financial statements included in the financial section and answer
the following questions. If the CAFR you have obtained does not conform to
GAAP, it is recommended that you obtain one that does.
a. Government-wide Statements. What are the titles of the two government-wide
statements? Are total assets larger for governmental activities or business-type
activities? Which function or program has the highest net cost? What kinds of
general revenues are available to cover the net cost of governmental activities?
Were business-type activities ‘pmfitable”? That is, is the excess of revenues
over expenses positive? Are there any component units that are discretely pre-
sented as a column on the government-wide financial statements?
b. General F and. What title is given to the fund that functions as the General
Fund of the reporting entity? Does :he report state the basis of accounting
used for the General Fund? What types of assets are included on the govern-
mental funds balance sheet? Do current and noncurrent assets appear on the
balance sheet? Do current and noncurrent liabilities appear on the balance
sheet? Is this reporting consistent with the basis of accounting being followed?
c. Other Governmental Fund [mes List the names of govemmental funds other
than the General Fund that are included as major funds in the fund financial
statements. Identify which of the major funds, if applicable, are special rev-
enue funds, debt service funds. capital projects funds. and permanent funds.
d. Proprietary Funds. List the names of the proprietary fund types included in
the financial statements. Do the financial statements provide evidence that
all proprietary funds use accrual accounting?
e. Fiduciary Funds. List the names of the fiduciary funds included in the fund
financial statements. Identify whether each of these is an agency fund. invest-
ment trust fund, pension (and other employee benefit) trust fund. or private-
purpose trust fund. Do the financial statements provide evidence as to what
basis of accounting these funds use?
1? Notes to the Financial Statements. Read the notes to the financial statements
so that you can refer to them as needed in subsequent chapters. What sig-
nificant accounting policies are discussed in the trrst note? Does the note
describe the entities that are included as component units? Does it list enti-
ties that are not considered component units? Are there any notes that dis-
close ( l ) any material violations of legal provisions. (2) deficit fund balances
or net position. or (‘3) significant commitments or contingencies?
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