Notes and supplemental information

Question 1

what is the over view of all financial statements?

Answer 1

• Management Discussion and Analysis (MD&A) (required)
• Government-wide FS (required)
• Fund FS (required)
• Notes to FS (not required)
• Required supplementary information (budgetary comparison reporting, infrastructure information, pension information(10 years))
• Other supplementary information

Question 2

what are the required components of budgetary comparison reporting?

Answer 2

• original budget
• final amended budget
• actual inflows, outflows, and balance amounts

Question 3

what accounting basis should a governmental fund budgets be prepared?

Answer 3

the same accounting basis as adopted (even cash basis)

Question 3

what accounting basis should a governmental fund budgets be prepared?

Answer 3

the same accounting basis as adopted (even cash basis)

Question 4

what are the optional supplementary information?

Answer 4

• combining statements for non-major funds
• variance b/w originally adopted budget and final amended budget
• variance b/w final amended and actual