governmental activities government wide level answer the following questions 1 are g 641518

Examine the CAFR. Utilizing the comprehensive annual financial report obtained for Exercise 1–1, follow these instructions.

a. Governmental Activities, Government wide Level. Answer the following questions. (1) Are governmental activities reported in a separate column from business type activities in the two government wide financial statements? (2) Are assets and liabilities reported either in the relative order of their liquidity or on a classified basis on the statement of net assets? (3) Is information on expenses for governmental activities presented at least at the functional level of detail? (4) Are program revenues segregated into (a) charges for services, (b) operating grants and contributions, and (c) capital grants and contributions on the statement of activities?

b. General Fund. Answer the following questions. (1) What statements and schedules pertaining to the General Fund are presented? (2) In what respects (headings, arrangements, items included, etc.) do they seem similar to the year end statements illustrated or described in the text? (3) In what respects do they differ? (4) What purpose is each statement and schedule intended to serve? (5) How well, in your reasoned opinion, does each statement and schedule accomplish its intended purpose? (6) Are any noncurrent or non liquid assets included in the General Fund balance sheet? If so, are they offset by “Reserve” accounts in the Fund Equity section? (7) Are any noncurrent liabilities included in the General Fund balance sheet? If so, describe them. (8) Are revenue classifications sufficiently detailed to be meaningful? (9) Has the government refrained from reporting expenses rather than expenditures?

c. Special Revenue Funds. Answer the following questions. (1) What statements and schedules pertaining to the special revenue funds are presented? (2) Are these only combining statements, or are there also statements for individual special revenue funds? (3) Are expenditures classified by character (i.e., current, intergovernmental, capital outlay, and debt service)? (4) Are current expenditures further categorized at least by function?

d. Examine Again. Refer to part b. Answer each question again, now from the perspective of the special revenue funds. Review your answers to Exercises 1–1, 2–1, and 3–1 in light of your study of Chapter 4. If you now believe your earlier answers were not entirely correct, change them to conform with your present understanding of GASB financial reporting standards.