Combining Fund Statements

Question 1

The combining fund statements are

Answer 1

part of the comprehensive financial report but not part of the basic financial statements

Question 2

Civic Town has a number of enterprise funds, some reported as major funds in the basic financial statements and some considered as nonmajor funds, reported in aggregated form. One of these nonmajor funds, the Airport fund, accounts for the operations of a small airport used intermittently by hobbyists. Due the requirements of a grant, Airport fund expenses must be reported in more detail than the other nonmajor enterprise funds with which the Airport fund is aggregated. This information can best be shown in the comprehensive annual financial report by

Answer 2

providing schedules supporting Airport fund information

Question 3

The CAFR (comprehensive annual financial report) of a government includes three sections. What are they?

Answer 3

Introductory, Financial and Statistical

Question 4

Narrative explanations are needed to accompany the combining statements of revenues, expenditures, and changes in fund balances to provide greater detail and assure the reader’s understanding of the statements. The narrative should appear

Answer 4

Narrative explanations of combining and individual fund statements should be presented on divider pages, directly on the statements and schedules, or in a separate section according to GASB 2200.211

Question 5

Major Fund reporting requirements do not apply to?

Answer 5

Internal Service

Therefore, they are usually combined for financial reporting and presented individually with combining statements