Section 4...Govt financial reporting

Question 1

Government-wide financial statements

Answer 1

Uses ACCRUAL accounting and flow of economic resources.
Does NOT include fiduciary funds.
Focus is primary govt.
Statement of Net Position and Statement of Activities

Question 2

Columns

Answer 2

Governmental Activities +
Business-type Activities =
Primary Government.

*Component units are presented separately - legally separate organization for which elected officials of the primary government are financially accountable.

Question 3

Presentation of Component Units

Answer 3

Blended component unit - if presented as part of primary govt
Discretely presented component unit - Separately as part of 4th column

Question 4

Statement of Net Assets

Answer 4

Invested in Capital Assets, net of A.D.
Restricted Net Assets
Unrestricted Net Assets

Question 5

Minimum required reports

Answer 5

Statement of Net Position and Statement of Activities
Fund financial statement
Notes to the financial statements.