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23 Nov 2019

Governmental Accounting.

1) Explain why property tax revenues may be different on the Governmental fund type statement of revenues, expenditures, and changes in Fund balance compared to the Government- wide statement of activities. Please add some specificity to your answer.

2) Give one specific example of a worksheet entry as Governmental fund type financial statement information is converted or adjusted to Government-wide Governmental activities financial statment information in regard to capital assets. Please do not answer this question by giving a journal entry.

3) What are some of the key differences between the proprietary statement of cash flows and the FASB for-profit statement of Cash flows( Four differences)

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Governmental Accounting.

1) Explain why property tax revenues may be different on the Governmental fund type statement of revenues, expenditures, and changes in Fund balance compared to the Government- wide statement of activities. Please add some specificity to your answer.

2) Give one specific example of a worksheet entry as Governmental fund type financial statement information is converted or adjusted to Government-wide Governmental activities financial statment information in regard to capital assets. Please do not answer this question by giving a journal entry.

3) What are some of the key differences between the proprietary statement of cash flows and the FASB for-profit statement of Cash flows( Four differences)

The following information is available about items that differ between the governmental funds and the government wide statements. Assume that there are no internal service funds. The schedule of capital assets prepared for the year ended December 31, 2015, includes the following items:

Government Beginning Ending

Activities Balance Additions Retirements Balance

Total Capital Assets

(at gross) $700,000 $50,000 $(25,000) $725,000

Less: Accumulated

Depreciation (170,000) (30,000) 17,500 (182,500)

Net Capital Assets $530,000 $20,000 $ (7,500) $542,500

The bond was issued at the beginning of the year, and the following amortization schedule is available.

Date Interest Paid Cash Paid Premium Bond

Amortization Balance

1/1/2015 $104,213

12/31/2015 6,253 7,000 747 $103,466

The net change in fund balances—total governmental funds was $1,100,000.

Required:

Prepare the reconciliation of the statement of revenues, expenditures, and changes in fund balances to the statement of activities on a government-wide basis for the year ended December 31, 2015.

Acct 510 - MN CAFR Independent Assignment Page 1

Chapter 18 Lab => Government Accounting - MN Comprehensive Annual

Financial Report (CAFR)

Note: The MN CAFR is available online in the state of MN website (www.finance.state.mn.us).

NOTE: If you are not sure if you are interpreting a question correctly…just note your assumption.

Introduction Section

Transmittal Letter

1. What basis of accounting is this system maintained?

State Principal Officials

1. List the following:

a. Governor –

b. Attorney General –

c. State Auditor –

d. Chief Justice of the MN Supreme Court -

Financial Section

Management Discussion and Analysis (MD&A)

1. List the government wide financial statements.

2. List the three types of government activities broken down in the government wide financial

statements.

3. What type of activity would Metropolitan State University considered?

4. List the state’s top three component units.

5. The state’s funds are separated into three types of funds;

a. List the three fund types.

b. What fund is Metropolitan State University a part?

6. Explain in your own words the difference between Budgetary Basis vs. GAAP?

Basic Financial Statements

1. What % of Total Assets do Cash and Cash Equivalents (unrestricted) represent?

2. Why would the state of MN carry such a high % of cash and cash equivalents?

3. What is the amount of General Obligation Bonds Payable?

Acct 510 - MN CAFR Independent Assignment Page 2

a. Current

b. Noncurrent

c. Total

4. In descending order, list the five largest “General Revenue” sources and the dollar amounts

(exclude “Other Taxes” from your list). Hint: All are found in the tax section.

5. What is the difference between Program Revenues and General Revenues?

6. List the three largest net expenditures for the state; in the following format.

Description Expense Revenue Total Net Expenditure

1st

2nd

3rd

7. Compare Net Assets of Governmental Activities to the Total Fund Balance for Governmental

Funds.

a. What is the total difference?

b. List the largest asset and the largest liability driving this difference. Why do these

differences exist? Be specific (provide examples) in your explanation for the

difference.

c. Explain in your own words why there is a $ revenue difference.

8. Compare the Change in Net Assets of Governmental Activities to the Net Change in Fund

Balances for Governmental Funds.

a. What is the total difference?

b. List and explain the three largest reconciling differences.

9. How does the University of Minnesota compare to the State Colleges and Universities from

a financial perspective?

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