Data Analysis Chapter: Governmental Accounting

Pages: 6 (2146 words)  ·  Bibliography Sources: 1  ·  File: .docx  ·  Level: College Senior  ·  Topic: Accounting  ·  Buy for $19.77

Governmental Accounting

What are the inclusive dates of the fiscal year?

The fiscal dates that are included in the Comprehensive Financial Annual Report for the city of Scottsdale, AZ is from June 30, 2011 to June 30, 2012. ("Comprehensive Annual Financial Report," 2012)

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?

17550 North Perimeter Dr. STE 160

The auditor's opinion is considered to be qualified. This means that it is more than just basic financial information. Instead, they are providing opinions which are incorporated with individual fiscal statements. ("Comprehensive Annual Financial Report," 2012)

Is the report separated into the three distinct sections: introductory, financial, and statistical? Does the report have a single audit section at the end?

Yes, the report is separated into three different sections (most notably: the introductory, financial and statistical). There is also a single audit section at the end. ("Comprehensive Annual Financial Report," 2012)

1D. 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.

The report contains an organizational chart, a table of contents, a list of principles and a letter of transmittal. The letter of transmittal is signed by the CFO. The major items of discussion include: the history, local economy and long-term financial planning. ("Comprehensive Annual Financial Report," 2012)

1E. Does the report include a Management's Discussion and Analysis? List the major items of discussion.

Yes, the report includes management's discussion and analysis. The major items that are covered include: financial highlights, an overview of the financial statements, fund financial statements, government funds, proprietary funds, fiduciary funds, notes to other financial statements, combining statements and fiscal information. ("Comprehensive Annual Financial Report," 2012)

1F. Does the report include the government-wide statements (Statement of Net Assets and Statement of Activities)?

Yes, the report includes government -- wide statements. Most notably: the statement of net assets and statement of activities. ("Comprehensive Annual Financial Report," 2012)

1G. Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List these statements. List the major governmental and proprietary funds the (the funds which have separate columns in the governmental and proprietary fund statements).

The report contains fund financial statements for governmental, proprietary and fiduciary activities. These include: government wide financial statements, statement of fiduciary funds / fiduciary net assets and fund financial statements. The major governmental and proprietary funds with separate columns include: the statement of net assets, statement of activities, reconciliation of revenues / expenditures / changes in fund balances and the general fund. ("Comprehensive Annual Financial Report," 2012)

2A. Compare the items discussed in the MD&a in your CAFR with the list of items in this chapter. Which topics listed in this chapter are not in your CAFR? Which topics are in your CAFR that are not listed in this chapter? Do you think your CAFR has a reasonably complete discussion?

The MD&a is talking about the local economy including taxes and where long-term revenues are coming from. The most notable include: tourism, retail sales, property values, employment and commercial vacancy rates. While the funding is focusing on: financial resources planning, the multi-year operating budget, debt management and city improvement planning. The topics that are not listed in the CAFR include: investments and their cash position. The areas that are listed include: liabilities, fund balances and investments. The CAFR has a reasonable discussion about the various categories and their impact on the activities of the government. ("Comprehensive Annual Financial Report," 2012)

2B. From the MD&a in your report, write a short summary of (1) the financial condition of your government, (2) a comparison of revenues compared with the prior year, (3) a comparison of expenses compared with the prior year, and (4) a comparison of budgeted and actual activity.

Scottsdale is in modest fiscal condition. Evidence of this can be seen with the strong revenues they are reporting on a year over year basis with this increasing from $388 million in 2011 to $413 million for 2012. The expenses are increasing from $477 million for 2011 to $466 million. The budgetary vs. actual activity is showing that the government is running slight deficit in contrast with the total amounts of revenues they are generating every year. ("Comprehensive Annual Financial Report," 2012)

2C. From the Statement of Net Assets, write down the following: (1) unrestricted net assets governmental activities; (2) unrestricted net assets business-type activities; (3) restricted net assets by restrictions governmental activities; (4) restricted net assets by restrictions business-type activities; and (5) unrestricted and restricted net assets component units.

The unrestricted net assets for governmental activities are $49 million. The unrestricted net assets business type activities are $23 million. The restricted net assets by restrictions governmental activities are $115 million. The restricted net assets by restrictions business type activities are $14 million. The unrestricted assets are $72 million and the restricted net assets for component units are $129 million. ("Comprehensive Annual Financial Report," 2012)

2D. From the Statement of Activities, write down the following: (1) net program expense (or revenue) governmental activities; (2) net program expense (or revenue) business-type activities; (3) net program expense (or revenue) component units; (4) change in net assets governmental activities; (5) change in net assets business-type activities; and (6) change in net assets component units. Do the ending net asset figures in this statement agree with the net asset figures in the Statement of Net Assets?

The net program expense for governmental activities is $7 million. The net program expense for business type activities it is $5 million. The net program expense component unit is $3 million. The changes in net assets in governmental activities are $2.5 million. The change in net assets in business type activities are $3.2 million. The change in net asset component units is $1.5 million. These figures are with the numbers from the statement of net assets. ("Comprehensive Annual Financial Report," 2012)

2E. From the Statement of Revenues, Expenditures, and Changes in Fund Balances for Governmental Funds, identify the names of the major governmental funds. Write down the net change in fund balance for each major fund.

The names of the major governmental funds include: property, transaction privilege and state revenue sharing. Property changed $10.9 million, transaction privilege was $3.4 million and state revenue sharing is $4.8 million. ("Comprehensive Annual Financial Report," 2012)

2F. From the governmental fund statements, take one major fund (other than the General Fun) and prove, using the 10% and 5% criteria described in this chapter, that the fund is required to be reported as a major fund.

The highway section is considered to be a major fund. This is because it is encompassing nearly 6% change which is in line with the criteria by coming in at $4.7 million. ("Comprehensive Annual Financial Report," 2012)

2G. From the Statement of Revenues, Expenses, and Changes in Fund Net Assets list the major enterprise funds. For each, write down: (1) the operating income, (2) the net income (loss) before contributions and (3) the change in net assets.

The operating income is $7.7 million. The net income is $7.2 million and the changes in net assets are $69.7 million. ("Comprehensive Annual Financial Report," 2012)

3A. Look at the Statement of Revenue, Expenditures, and Changes in Fund Balances for the governmental funds. List the revenue source classes. Do they agree with those sources discussed in this chapter? Are expenditures reported by character? List the functional classifications under the current character classification. Do those classifications agree with those listed in the example shown in this chapter? Are Other Financing Sources and Uses presented separately? Does your report show transfers in? Transfers out? Capital leases? Proceeds of bonds?

The various revenue source classes are: local taxes, governmental taxes and fines / fees / forfeitures. Yes, they agree with the sources discussed in the chapter. They are reported by character. The functional classifications include: state shared sales taxes, cable TV properties, auto lien tax and court / parking. Other sources are reported separately. It is showing transfers in and transfers out, capital leases and the proceeds of bonds. ("Comprehensive Annual Financial Report," 2012)

3B. Look at the Budgetary Comparison Schedule in the RSI section of your annual Report (or Budgetary Comparison Statement, if that is used by your government) for the General Fund. Is the budgetary format used, or is the schedule in the format used for the Statement of Revenues, Expenditures, and Changes in Fund Balances? Does the report reflect the original budget, revised budget, and actual figures? Are variances columns presented comparing the actual with the revised budget and comparing the original with the revised budget? Is reconciliation between the budgetary basis of accounting and GAAP presented on the budgetary comparison… [END OF PREVIEW]

Ordering Options:

?
Which Option Should I Choose?

1.  Buy Full Paper (6 Pages)

Perfectly formatted MS Word document!

or

2.  Write a NEW paper for you!

Write a New Paper

Popular!

Accounting Careers Term Paper


Federal Government Accounting Versus Private Sector Term Paper


Contemporary Issues in Accounting Term Paper


Accounting Fraud at Worldcom Research Paper


International Harmonization of Accounting Standards Real Benefits and Drawbacks Research Proposal


View 402 other related papers  >>

Cite This Data Analysis Chapter:

APA Format

Governmental Accounting.  (2013, June 11).  Retrieved November 22, 2019, from https://www.essaytown.com/subjects/paper/governmental-accounting/9735122

MLA Format

"Governmental Accounting."  11 June 2013.  Web.  22 November 2019. <https://www.essaytown.com/subjects/paper/governmental-accounting/9735122>.

Chicago Format

"Governmental Accounting."  Essaytown.com.  June 11, 2013.  Accessed November 22, 2019.
https://www.essaytown.com/subjects/paper/governmental-accounting/9735122.