Government Wide Financial Statements (F10 M3-M7)

Question 1

Required Reporting

Answer 1

1. Management Discussion and analysis (MD&A)
   2 *Government Wide FS: statement of net position (BS) and statement of activities (IS)
2. *Funds financial statements: major funds shown individually, nonmajor in total
3. *notes to financial statements
4. required supplementary information other than MD&A

Question 2

Comprehensive Annual Financial Report

Answer 2

• not GAAP requirement
  1. introductory section (unaudited
  2. basic financial statements and required supp information (audited)
  3. statistical section (unaudited)

Question 3

Special purpose local governments

Answer 3

must be:
separately elected
legally separate
fiscally independent of other state and local gov

Question 4

component unit

Answer 4

organization for which the elected officials of primary government are financially accountable

Question 5

Blended presentation

Answer 5

used when any are present:

• board of the component unit is substantively the same as primary govt.
• component unit serves primary govt exclusively or almost exclusively
• component unit is not separate legal entity

combines financial information with primary govt. units are not in separate columns

Question 6

Discrete Presentation

Answer 6

• default method

- component units in separate columns