Ch1-3 Key. The GASB does not have authority over the federal government or its agencies or nongovernmental, not-for-profit organizations.
|
|
- Theodora Anthony
- 5 years ago
- Views:
Transcription
1 Ch1-3 Key 1. General purpose governments provide a wide range of services to their residents, such as public safety, road maintenance, and health and welfare. Wilson - Chapter 01 #1 2. Examples of special purpose governments include public schools, libraries, and water supply plants that receive tax revenue to finance the services they provide. 3. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all governmental and not-for-profit organizations. Wilson - Chapter 01 #2 The GASB does not have authority over the federal government or its agencies or nongovernmental, not-for-profit organizations. Wilson - Chapter 01 #3 4. A characteristic common to governmental and not-for-profit organizations is the absence of defined ownership interests that can be sold, transferred, or redeemed, or that convey entitlement to a share of a residual distribution of resources in the event of liquidation of the organization. This is one of the characteristics; others include receipt of significant amounts of resources from resource providers who do not expect to receive either repayment or economic benefits proportionate to the resources provided and operating purposes that are other than to provide goods or services at a profit and absence of defined ownership interests. Wilson - Chapter 01 #4 1
2 5. The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and standards for the federal government and its agencies and state governments. The FASAB does not have responsibility for setting standards for state governments, the GASB does. Wilson - Chapter 01 #5 6. Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided. Interperiod equity is a significant part of accountability of the government to its taxpayers, both current and future. Wilson - Chapter 01 #6 7. The FASB, GASB, and FASAB all base their standards on both internal and external financial reporting. While it is true that the FASAB sets standards for both internal and external users of financial information, the FASB and GASB base their standards only on external financial reporting. Wilson - Chapter 01 #7 8. The two government-wide financial statements required by GASBS 34 are the statement of net assets and the statement of activities. In addition to these two statements, there are two required basic financial statements for governmental funds, three for proprietary funds, and two for fiduciary funds, as illustrated and described in this chapter. Wilson - Chapter 01 #8 2
3 13. The body that has been established to recommend accounting and financial reporting standards for the federal government is the A. Financial Accounting Standards Board (FASB). B. Governmental Accounting Standards Board (GASB). C. Cost Accounting Standards Board (CASB). D. Federal Accounting Standards Advisory Board (FASAB). Wilson - Chapter 01 # The GASB has identified which of the following as the "cornerstone" of all financial reporting in government? A. Understandability. B. Representational faithfulness. C. Accountability. D. Interperiod equity. 15. Which of the following distinguishes governments from nongovernmental not-for-profit organizations? A. Absence of profit motive. B. The power to enact and enforce a tax levy. C. Resource providers do not expect benefits proportional to the resources provided. D. Absence of a defined ownership interest that can be sold, transferred, or redeemed. Wilson - Chapter 01 #14 Wilson - Chapter 01 # Which of the following is not an objective of financial reporting by state and local governments? A. To assist financial report users in comparing actual financial results with the legally adopted budget. B. To assist users in assessing financial condition and results of operations. C. To assist users in assessing the adequacy of systems and controls. D. None of the above; that is, all of the above are objectives of state and local government financial reporting. 17. The minimum requirements for general purpose external financial reporting include: A. Management's discussion and analysis (MD&A). B. Government-wide and fund basic financial statements, including the notes thereto. C. Required supplementary information (other than the MD&A). D. All of the above. Wilson - Chapter 01 #16 Wilson - Chapter 01 #17 4
4 18. The three sections recommended by GASB for inclusion in the Comprehensive Annual Financial Report (CAFR) are: A. Introductory, financial, and statistical. B. Letter of transmittal, MD&A, and financial. C. Introductory, MD&A, and financial. D. Letter of transmittal, financial, and supplementary. Wilson - Chapter 01 # Which of the following would be included in a properly prepared comprehensive annual financial report (CAFR) but not in the minimum requirements for general purpose financial reporting specified by GASBS 34? A. Management Discussion and Analysis (MD&A). B. Statistical information. C. Notes to the financial statements. D. Fund financial statements. 20. Combining financial statements of a governmental entity should be included in Wilson - Chapter 01 #19 A. A comprehensive annual financial report (CAFR). B. The basic financial statements. C. The notes to the financial statements. D. Any of the above is acceptable under GAAP. Wilson - Chapter 01 # Which of the following would not be included in the introductory section of a comprehensive annual financial report? A. Title and contents page. B. Letter of transmittal. C. Management discussion and analysis. D. Reference to other sections of the CAFR so readers desiring detailed information can find it conveniently. 22. Which of the following is information that should be included in the financial section of a comprehensive annual financial report? A. The auditor's report. B. The basic financial statements. C. Notes to the financial statements. D. All of these should be included. Wilson - Chapter 01 #21 Wilson - Chapter 01 #22 5
5 4. Governments that are temporarily short of cash but that have levied taxes expected to be collectible during the fiscal year are generally able to borrow on short-term notes known as "tax anticipation notes payable". Property taxes are a lien on the underlying property; therefore, the tax levy is generally considered by bankers or other lenders to be good security for short-term loans. Wilson - Chapter 04 #4 5. In order to account correctly for the receipt of goods or services ordered in a prior fiscal year it is necessary to know which appropriations were affected when the encumbrance documents were issued. The appropriations of the year in which encumbrance documents were issued were charged for the estimated liability at the time the encumbrances were issued. In most jurisdictions the encumbered portion of the appropriation does not lapse at fiscal year-end and may properly be expended in the subsequent years when goods and services are received. Wilson - Chapter 04 #5 6. When purchase orders or contracts are issued for legally authorized purposes a record must be kept, but no entries in the General Fund or special revenue fund accounts are necessary. GASB standards provide that the encumbrance be recorded to assist in budgetary control over expenditures so that appropriations will not be over-expended. Wilson - Chapter 04 #6 7. If the actual liability for goods or services ordered in the current year differs from the estimated liability, the Encumbrances account should be credited in the amount of the actual liability. If the actual liability for goods received differs from the estimated liability (which is often the case), the Encumbrances account is credited for the estimated liability that was originally debited. Wilson - Chapter 04 #7 2
6 8. The payment of liabilities by the General Fund or a special revenue fund requires the expenditure of an appropriation. The appropriation was expended when the liability was given accounting recognition; payment of the liability by a government is recorded in the same manner as would be done by a business organization, as a decrease of cash and a decrease of the liability. Wilson - Chapter 04 #8 9. Under the modified accrual basis of accounting applicable to governmental fund types, Revenues is credited for the total amount of property tax bills prepared. Revenues should be credited for the portion of the receivable expected to be collectible; the estimated uncollectible portion is credited to Estimated Uncollectible Current Taxes. Content: Journal Entry Wilson - Chapter 04 #9 10. Under the modified accrual basis of accounting applicable to governmental fund types, revenue from sources such as fines and forfeits is accrued and recorded at net realizable value. Fines and forfeits, and many other sources of revenue of general and special revenue funds, is recognized when cash is received because there is no practicable way of measuring the revenue before collection. Wilson - Chapter 04 # Under current GASB standards the revenue from property taxes should be recorded in the period and in the amounts in which taxes are collected. Property tax revenue is considered susceptible to accrual and should be recognized when tax bills are prepared. GASBS 33 requires that imposed nonexchange transactions, such as property taxes, be recognized in the period for which the taxes are levied. Wilson - Chapter 04 #11 3
7 12. If property taxes are not collected by the date specified by law, additional revenue is generally earned by the fund of the government for which the taxes were levied. Interest and penalties are levied by law on delinquent taxes, and to the extent estimated to be collectible, are recorded as revenue at the time the amounts are computed. Wilson - Chapter 04 # Correction of errors in recording revenues or expenditures of the current year must be recorded both in the proper general ledger control account (Revenues or Expenditures) and in each subsidiary ledger account affected. Subsidiary ledger accounts as well as control accounts must receive entries for the corrections so that the subsidiary and control accounts will agree properly. Wilson - Chapter 04 # A government that uses the encumbrance method for purchases of goods and services is not required to use encumbrance accounting for its payrolls. If neither law nor good financial management requires the use of encumbrance accounting for payrolls, which is typically the case, there is no need to use the encumbrance method. An exception might be when payroll varies substantially from period to period, perhaps due to seasonal part-time employment. Wilson - Chapter 04 # Governments, unlike business organizations, generally do not incur expenditures/expenses for the employer's share of FICA taxes and for contributions to other retirement plans established by law. Fringe benefits given to employees of state and local governments whose salaries are paid by a governmental fund must be authorized by appropriations and therefore result in expenditures; fringe benefits for employees paid by a proprietary fund result in expenses. Wilson - Chapter 04 #15 4
Accounting for Governmental & Nonprofit Entities
Accounting for Governmental & Nonprofit Entities 17/e JACQUELINE L. RECK SUZANNE L. LOWENSOHN Copyright 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
More informationEssentials of Accounting for Governmental and Not-for-Profit Organizations
Essentials of Accounting for Governmental and Not-for-Profit Organizations Tenth Edition Paul A. Copley, Ph. D., CPA KPMG Professor Director, School of Accounting James Madison University Me Graw Hill
More informationTABLE OF CONTENTS. Page INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS
VILLAGE OF BEAR LAKE, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED FEBRUARY 28, 2018 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS Government-wide
More information46. According to GASB standards relating to Budgetary Accounting, budgetary comparisons should be included in the appropriate financial statements or
ch01 Student: 1. The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state, and local. 2. Fund accounting exists primarily to provide assurance
More informationAccounting for Governmental and Nonprofit Entities 17th Edition Solutions Manual Reck Lowensohn Wilson
Accounting for Governmental and Nonprofit Entities 17th Edition Solutions Manual Reck Lowensohn Wilson Complete download (test bank link included): https://testbankarea.com/download/accounting-governmental-nonprofit-entities-
More informationVILLAGE OF SPRINGVILLE, NEW YORK
AUDITED BASIC FINANCIAL ST A TEMENTS VILLAGE OF SPRINGVILLE, NEW YORK MAY 31, 2016 Table of Contents SECTION A FINANCIAL SECTION Independent Auditor's Report Basic Financial Statements Statement of Net
More informationCITY OF ALTURAS ALTURAS, CALIFORNIA BASIC FINANCIAL STATEMENTS
CITY OF ALTURAS ALTURAS, CALIFORNIA BASIC FINANCIAL STATEMENTS JUNE 30, 2016 TABLE OF CONTENTS PAGE Independent Auditors Report 1-2 Management s Discussion and Analysis 3-10 Basic Financial Statements:
More information(Solutions Manual, Answers, Instructors Manual, Excel solutions are included)
Essentials Of Accounting For Governmental And Not-For- Profit Organizations 12th Edition Solutions Manual Paul Copley Compelted Download: https://testbankarea.com/download/essentials-accounting-governmentalnot-profit-organizations-12th-edition-solutions-manual-paul-copley/
More informationEASTLAND COUNTY, TEXAS FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. September 30, 2016
EASTLAND COUNTY, TEXAS FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT September 30, 2016 EASTLAND COUNTY, TEXAS CONTENTS September 30, 2016 Independent Auditors Report 1 Management s Discussion and
More informationFINANCIAL SECTION. Financial Section
FINANCIAL SECTION Financial Section GENERAL PURPOSE FINANCIAL STATEMENTS Silverdale Waterfront Park General Purpose Financial Statements KITSAP COUNTY, WASHINGTON GENERAL PURPOSE FINANCIAL STATEMENTS
More informationCOMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 3D, 2011
FOUNDATION ACADEMY CHARTER SCHOOL COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 3D, 2011 FOUNDATION ACADEMY CHARTER SCHOOL Foundation Academy Charter School Board of Trustees Trenton, New
More informationIntroduction to Fund Accounting
Classification of of Nonbusiness Organizations Introduction to Accounting for nonbusiness organizations. Five Major Classifications 1. Governmental units. 2. Hospitals and other health care providers.
More informationCity of Bingham. Cumulative Problem. For use with McGraw-Hill/Irwin Accounting for Governmental and Nonprofit Entities, 13 th Edition
City of Bingham Cumulative Problem For use with McGraw-Hill/Irwin Accounting for Governmental and Nonprofit Entities, 13 th Edition By Earl R. Wilson and Susan C. Kattelus Table of Contents Foreword 1
More informationCITY OF FLORA Flora, Illinois. ANNUAL FINANCIAL REPORT Year Ended April 30, 2015
Flora, Illinois ANNUAL FINANCIAL REPORT Year Ended April 30, 2015 TABLE OF CONTENTS PAGE BASIC FINANCIAL STATEMENTS Independent Auditors Report... 1 Statement of Net Position... 4 Statement of Activities...
More informationAccounting for Governmental & Nonprofit Entities
Accounting for Governmental & Nonprofit Entities 17/e JACQUELINE L. RECK SUZANNE L. LOWENSOHN Copyright 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
More informationCOMPREHENSIVE ANNUAL FINANCIAL REPORT WITH INDEPENDENT AUDITORS REPORT
COMPREHENSIVE ANNUAL FINANCIAL REPORT WITH INDEPENDENT AUDITORS REPORT * * * * * JUNE 30, 2011 BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2011 TABLE OF CONTENTS Independent Auditors' Report
More informationCITY OF MIDDLESBORO, KENTUCKY. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2014 with REPORT ON INDEPENDENT AUDITORS
CITY OF MIDDLESBORO, KENTUCKY BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2014 with REPORT ON INDEPENDENT AUDITORS CONTENTS Independent Auditor's Report... 1 Management's
More informationPORCH & ASSOCIATES LLC CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
PORCH & ASSOCIATES LLC CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS VILLAGE OF BOSQUE FARMS, NEW MEXICO Financial Statements, Supplementary Information and Independent Auditors Report TABLE OF CONTENTS
More informationSTATE OF NEW MEXICO VILLAGE OF CUBA ANNUAL FINANCIAL REPORT JUNE 30, 2014
Harshwal & Company LLP Certified Public Accountants 6739 Academy Road NE, Suite 130 Albuquerque, NM 87109 (505) 814-1201 STATE OF NEW MEXICO ANNUAL FINANCIAL REPORT JUNE 30, 2014 INTRODUCTORY SECTION TABLE
More informationPORCH & ASSOCIATES LLC CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
PORCH & ASSOCIATES LLC CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS VILLAGE OF BOSQUE FARMS, NEW MEXICO Financial Statements, Supplementary Information and Independent Auditors Report TABLE OF CONTENTS
More informationsample Governmental Accounting
Governmental Accounting 1. Introduction a. Proceeds from taxation is unique to governments, no other form of organization can do this b. The primary authoritative body for determining accounting standards
More informationCITY OF GLENCOE, MINNESOTA FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2008
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED TABLE OF CONTENTS INTRODUCTORY SECTION CITY OFFICIALS 1 FINANCIAL SECTION INDEPENDENT AUDITORS REPORT 2 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE
More informationMESA COUNTY PUBLIC LIBRARY DISTRICT FINANCIAL STATEMENTS INDEPENDENT AUDITOR S REPORT. December 31, 2017
FINANCIAL STATEMENTS & INDEPENDENT AUDITOR S REPORT December 31, 2017 TABLE OF CONTENTS Independent Auditor s Report 1 Management s Discussion and Analysis 3 Basic Financial Statements Government-Wide
More informationANNUAL FINANCIAL REPORT OF THE CITY OF PINE CITY, MINNESOTA
ANNUAL FINANCIAL REPORT OF THE CITY OF PINE CITY, MINNESOTA FOR THE YEAR ENDED DECEMBER 31, 2017 Prepared By: Administration Department Kenneth Cammilleri, City Administrator Matthew Van Steenwyk, City
More informationSPECIFIC PRACTICES Reporting Page 1. To provide an introduction for their use and interpretation.
SPECIFIC PRACTICES 4310 Reporting Page 1 SUBJECT: County Financial Statements PURPOSE: To provide an introduction for their use and interpretation. PRINCIPLES: Financial accounting is the systematic measuring
More informationCITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2010
CITY OF HOLYOKE, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2010 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS:
More informationPLATTE CANYON WATER AND SANITATION DISTRICT Arapahoe and Jefferson Counties, Colorado. FINANCIAL STATEMENTS For the Year Ended December 31, 2013
Arapahoe and Jefferson Counties, Colorado FINANCIAL STATEMENTS For the Year Ended December 31, 2013 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... I MANAGEMENT S DISCUSSION AND ANALYSIS....1 BASIC
More informationTOLTEC SCHOOL DISTRICT NO. 22 ELOY, ARIZONA
ELOY, ARIZONA ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED Issued by: Business and Finance Department This page is intentionally left blank. TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT...1 MANAGEMENT'S
More informationPLATTE CANYON WATER AND SANITATION DISTRICT Arapahoe and Jefferson Counties, Colorado. FINANCIAL STATEMENTS For the Year Ended December 31, 2012
Arapahoe and Jefferson Counties, Colorado FINANCIAL STATEMENTS For the Year Ended December 31, 2012 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... I MANAGEMENT S DISCUSSION AND ANALYSIS....1 BASIC
More informationCITY OF FITCHBURG, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2016
CITY OF FITCHBURG, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2016 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL
More informationTable of Contents. Transmittal... i Introduction Executive Overview...1 Organization Chart...7. Community Profile...8. GFOA Budget Award...
Table of Contents Transmittal... i Introduction Executive Overview...1 Organization Chart...7 Community Profile...8 GFOA Budget Award...18 Budget Calendar...19 How to use this document...20 General Fund
More informationCITY OF AURORA, ILLINOIS AURORA PUBLIC LIBRARY
ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2017 TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 1-2 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management s Discussion and Analysis...
More informationCITY OF MIDDLESBORO, KENTUCKY. BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2015 with REPORT ON INDEPENDENT AUDITORS
CITY OF MIDDLESBORO, KENTUCKY BASIC FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2015 with REPORT ON INDEPENDENT AUDITORS CONTENTS Independent Auditor's Report... 1 Management's
More informationCITY OF EUNICE, LOUISIANA. Financial Report. Year Ended June 30,2018
Financial Report Year Ended June 30,2018 TABLE OF CONTENTS Page Independent Auditor's Report 1-3 BASIC FINANCIAL STATEMENTS Statement of net position 5 Statement of activities 6 and 7 FUND FINANCIAL STATEMENTS
More informationBROCK INDEPENDENT SCHOOL DISTRICT
ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2017 Introductory Section Brock Independent School District AnnuaiRnan~aiReport For The Year Ended June 30, 2017 TABLE OF CONTENTS INTRODUCTORY SECTION
More informationTOWN OF FAIR HAVEN, VERMONT AUDIT REPORT
AUDIT REPORT FOR THE YEAR ENDED JUNE 30, 2018 FOR THE YEAR ENDED JUNE 30, 2018 TABLE OF CONTENTS Independent Auditor s Report 1-2 Management s Discussion and Analysis 3-9 Basic Financial Statements: Government-Wide
More informationPELICAN MARSH COMMUNITY DEVELOPMENT DISTRICT FINANCIAL STATEMENTS
FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE PART I. FINANCIAL SECTION Independent Auditor s Report 1-2 Management s Discussion and Analysis (MD&A) 3 Basic Financial Statements: Government-wide Financial
More informationONGOING ACTIVITIES AND INTERNAL CONTROLS 1. Determinie actions to be taken related to prior year's auditors' recommendations.
ONGOING ACTIVITIES AND INTERNAL CONTROLS 1. Determinie actions to be taken related to prior year's auditors' recommendations. 2 Do Board Members understand the need for internal controls over operations,
More informationLYONS ELEMENTARY SCHOOL DISTRICT 103 ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018
ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2018 ANNUAL FINANCIAL REPORT June 30, 2018 CONTENTS FINANCIAL SECTION Independent Auditor s Report... 1-2 Management s Discussion and Analysis...
More informationKNOWLEDGE GAAP: THE FUNDAMENTALS OF GOVERNENTAL ACCOUNTING FOR NON-ACCOUNTANTS
KNOWLEDGE GAAP: THE FUNDAMENTALS OF GOVERNENTAL ACCOUNTING FOR NON-ACCOUNTANTS Government Finance Officers Association 112 th Annual Conference Saint Louis, Missouri May 9, 2018 1 Overview (1/3) Why governmental
More informationCity of Tombstone, Arizona Financial Statements. Year Ended June 30, 2016
City of Tombstone, Arizona Financial Statements Year Ended June 30, 2016 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS (MD&A) (Required Supplementary Information) 5
More informationIndependent Auditor's Report To the Board of Education Schaumburg Community Consolidated School District No. 54 Schaumburg, Illinois We have audited t
Independent Auditor's Report To the Board of Education Schaumburg Community Consolidated School District No. 54 Schaumburg, Illinois We have audited the accompanying financial statements of the governmental
More informationVILLAGE OF RICHMOND, ILLINOIS ANNUAL FINANCIAL REPORT
VILLAGE OF RICHMOND, ILLINOIS ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED APRIL 30, 2015 VILLAGE OF RICHMOND TABLE OF CONTENTS APRIL 30, 2015 PAGE INDEPENDENT AUDITOR S REPORT 1 REQUIRED SUPPLEMENTARY
More informationCITY OF SHELTON, CONNECTICUT ANNUAL FINANCIAL REPORT. June 30, 2017
ANNUAL FINANCIAL REPORT June 30, 2017 TABLE OF CONTENTS Page Number FINANCIAL SECTION Independent Auditor s Report 1-2 Management s Discussion and Analysis 3a-3g Basic Financial Statements: Government-Wide
More informationNorth Palos Fire Protection District Palos Hills, Illinois Annual Financial Report For The Year Ended December 31, 2017
Palos Hills, Illinois Annual Financial Report Submitted by: Finance Department Table of Contents Page(s) PART I - INTRODUCTORY SECTION Table of Contents i - ii PART II - FINANCIAL SECTION INDEPENDENT AUDITORS'
More informationFinancial Accounting and Reporting (FAR) Content Outline Effective January 2014
Financial Accounting and Reporting (FAR) Content Outline Effective January 2014 The Financial Accounting and Reporting section tests knowledge and understanding of the financial reporting framework used
More informationCITY OF COATESVILLE BASIC FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION DECEMBER 31, 2008
BASIC FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION DECEMBER 31, 2008 TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT 1-3 BASIC FINANCIAL STATEMENTS Entity-wide Financial Statements: - Statement of
More informationTOWN OF SOUTH PALM BEACH, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2009 PREPARED BY FINANCE DEPARTMENT TABLE OF CONTENTS Introductory Section Letter of Transmittal... i-iv Organizational Chart...v Certificate
More informationSolution to Chapter 18 E18 1,2,3,4,6,7,11, P18 13
Solution to Chapter 18 E18 1,2,3,4,6,7,11, P18 13 E18-1 Multiple-Choice Questions on Government Financial Reporting 1. a 2. d 3. b 4. a 5. a 6. b 7. a $8,839,000 = assets of $14,839,000 minus liabilities
More informationCity of Pine City, Minnesota BASIC FINANCIAL STATEMENTS For the Year Ended December 31, 2016
BASIC FINANCIAL STATEMENTS For the Year Ended December 31, 2016 TABLE OF CONTENTS REFERENCE PAGE INTRODUCTORY SECTION Organization 3 FINANCIAL SECTION Independent Auditor's Report 7 Management's Discussion
More informationCITY OF NORTH TONAWANDA, NEW YORK BASIC FINANCIAL STATEMENTS AND SINGLE AUDIT WITH INDEPENDENT AUDITOR'S REPORT YEAR ENDED DECEMBER 31, 2015
BASIC FINANCIAL STATEMENTS AND SINGLE AUDIT WITH INDEPENDENT AUDITOR'S REPORT YEAR ENDED DECEMBER 31, 2015 Table of Contents Independent Auditor's Report...1-3 Management s Discussion and Analysis...4-15
More informationHASTINGS AREA SCHOOL SYSTEM FINANCIAL REPORT WITH SUPPLEMENTAL INFORMATION JUNE 30, 2011
FINANCIAL REPORT WITH SUPPLEMENTAL INFORMATION JUNE 30, 2011 Hastings Area School System Contents Independent Auditor's Report 1-2 Administration's Discussion and Analysis 3-10 Basic Financial Statements
More informationIndependent Auditor s Report
Independent Auditor s Report To the City Council City of Hyattsville, Maryland We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining
More informationCITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2009
CITY OF HOLYOKE, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2009 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS:
More informationAccounting 4070/8096 Exam 1
Accounting 4070/8096 Exam 1 Spring 2017 Name Section Row I. Multiple Choice. (2 points each, 48 points total) Read the following questions carefully and indicate your answer to each question by placing
More informationTown of Harrison, Maine
Audited Financial Statements and Other Financial Information Town of Harrison, Maine June 30, 2018 Proven Expertise and Integrity CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1-3 MANAGEMENT S DISCUSSION
More informationCITY OF LEWISTON, IDAHO
COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended September 30, 2016 Prepared by: Administrative Support Services Daniel J. Marsh Administrative Services Director COMPREHENSIVE ANNUAL FINANCIAL
More informationWEXFORD-MISSAUKEE INTERMEDIATE SCHOOL DISTRICT CADILLAC, MICHIGAN JUNE 30, 2016
WEXFORD-MISSAUKEE INTERMEDIATE SCHOOL DISTRICT REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional information) CERTIFIED PUBLIC ACCOUNTANTS 134 WEST HARRIS STREET 49601 PHONE: (231)
More informationCITY OF OAK GROVE, KENTUCKY. Financial Statements and Supplementary Information. For the Year Ended June 30, 2018
Financial Statements and Supplementary Information For the Year Ended June 30, 2018 Table of Contents Independent Auditor s Report 1-2 Management s Discussion and Analysis 3-8 Basic Financial Statements:
More informationAccounting for Governmental Operating Activities Illustrative Transactions and Financial Statements
Chapter 4 Accounting for Governmental Operating Activities Illustrative Transactions and Financial Statements McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Governmental
More informationCITY OF ROSEBUD, TEXAS FINANCIAL STATEMENTS AS OF
FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2013 TOGETHER WITH INDEPENDENT AUDITORS REPORT THEREON AND SUPPLEMENTARY INFORMATION Prepared by: Donald L. Allman, CPA Certified Public Accountant 205 E. University
More informationOakridge Public Schools
REPORT ON FINANCIAL STATEMENTS (with required supplementary information) Year ended TABLE OF CONTENTS Independent Auditor s Report... 1 Management s Discussion and Analysis... 3 Basic Financial Statements
More informationCITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2011
CITY OF HOLYOKE, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2011 TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS:
More informationThe Town of Summerdale Summerdale, Alabama
The Town of Summerdale Summerdale, Alabama Annual Financial Report For the Fiscal Year Ended September 30, 2012 Vance CPA LLC Certified Public Accountant 832 Snow St., Suite B Oxford, Alabama 36203 Tel.
More informationTOWN OF YARMOUTH, MAINE. Annual Financial Report. For the year ended June 30, 2017
Annual Financial Report For the year ended June 30, 2017 Annual Financial Report Year ended June 30, 2017 Table of Contents Statement Page Independent Auditor's Report 1-3 Management s Discussion and Analysis
More informationTOWN OF LEE, MASSACHUSETTS. Financial Statements and Supplementary Information. June 30, Independent Auditors' Report 3-4
TOWN OF LEE, MASSACHUSETTS Financial Statements and Supplementary Information June 30, 2016 Independent Auditors' Report 3-4 Management s Discussion and Analysis 5 Government-Wide Financial Statements
More informationVILLAGE OF HARWOOD HEIGHTS, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT. For the Year Ended April 30, 2006
COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2006 Prepared by: Finance Department TABLE OF CONTENTS Page(s) INTRODUCTORY SECTION Principal Officials... Organizational Chart... Letter
More informationPETTISVILLE LOCAL SCHOOL DISTRICT FULTON COUNTY TABLE OF CONTENTS. Independent Accountants Report... 1
TABLE OF CONTENTS TITLE PAGE Independent Accountants Report... 1 Combined Balance Sheet - All Fund Types and Account Groups... 4 Combined Statement of Revenues, Expenditures and Changes in Fund Balances
More informationVILLAGE OF WEST BARABOO, WISCONSIN FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR'S REPORT. Year Ended December 31, 2011
FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR'S REPORT Year Ended December 31, 2011 Johnson Block & Company, Inc. Certified Public Accountants 1315 Bad Axe Court; P.O. Box 271 Viroqua, Wisconsin 54665
More informationTOWN OF ASHFORD, CONNECTICUT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT
BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT CONTENTS Page Independent Auditor s Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic Financial Statements:
More informationCity of Pine City, Minnesota BASIC FINANCIAL STATEMENTS For the Year Ended December 31, 2015
BASIC FINANCIAL STATEMENTS For the Year Ended December 31, 2015 TABLE OF CONTENTS REFERENCE PAGE INTRODUCTORY SECTION Organization 3 FINANCIAL SECTION Independent Auditor's Report 7 Management's Discussion
More informationThe Town of Summerdale Summerdale, Alabama
The Town of Summerdale Summerdale, Alabama Annual Financial Report For the Fiscal Year Ended September 30, 2013 Vance CPA LLC Certified Public Accountant 832 Snow St., Suite B Oxford, Alabama 36203 Tel.
More informationCITY OF KEMPNER, TEXAS
ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 TABLE OF CONTENTS FINANCIAL SECTION Page Independent Auditor s
More informationGAYLORD COMMUNITY SCHOOLS GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2015
GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2015 TABLE OF CONTENTS Independent Auditor's Report 1-3 Management's Discussion and Analysis 4-12 Basic Financial Statements District-wide Financial Statements
More informationAudited Financial Statements and Other Supplementary Information. Town of Jay, Maine. June 30, Proven Expertise and Integrity
Audited Financial Statements and Other Supplementary Information Town of Jay, Maine June 30, 2014 Proven Expertise and Integrity CONTENTS JUNE 30, 2014 INDEPENDENT AUDITORS' REPORT 1-3 PAGE MANAGEMENT
More informationBENICIA UNIFIED SCHOOL DISTRICT COUNTY OF SOLANO BENICIA, CALIFORNIA FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT
COUNTY OF SOLANO BENICIA, CALIFORNIA FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT FOR THE FISCAL YEAR ENDED JAMES MARTA & COMPANY LLP CERTIFIED PUBLIC ACCOUNTANTS 701 HOWE AVENUE, E3 SACRAMENTO,
More informationCHARLES WILLIAMS, FINANCE DIRECTOR
LICKING COUNTY, OHIO GENERAL PURPOSE FINANCIAL STATEMENTS (Audited) For the Years Ended December 31, 2002 and 2001 CHARLES WILLIAMS, FINANCE DIRECTOR Mayor and Members of City Council City of Pataskala
More informationMontgomery County Emergency Services District No. 8 For the Year Ended September 30, 2014
ANNUAL FINANCIAL REPORT of the Montgomery County Emergency Services District No. 8 For the Year Ended September 30, 2014 (This page intentionally left blank.) Montgomery County Emergency Services District
More informationCITY OF WAUPACA, WISCONSIN AUDITED FINANCIAL STATEMENTS. Including Independent Auditor s Report. As of and for the year ended December 31, 2017
CITY OF WAUPACA, WISCONSIN AUDITED FINANCIAL STATEMENTS Including Independent Auditor s Report As of and for the year ended Johnson Block and Company, Inc. Certified Public Accountants 2500 Business Park
More informationGAYLORD COMMUNITY SCHOOLS GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2016
GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2016 TABLE OF CONTENTS Independent Auditor's Report 1-3 Management's Discussion and Analysis 4-11 Basic Financial Statements District-wide Financial Statements
More informationTATUM INDEPENDENT SCHOOL DISTRICT
TATUM INDEPENDENT SCHOOL DISTRICT ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED AUGUST 31, 2017 Tatum Independent School District Annual Financial Report For The Year Ended August 31, 2017 TABLE OF CONTENTS
More informationBASIC FINANCIAL STATEMENTS
BASIC FINANCIAL STATEMENTS COUNTY OF WELD Statement of Net Assets December 31, 2008 Primary Government Governmental Business-type Activities Activities Total Component Units Housing Authority E-911 Authority
More informationTOWN OF ASHFORD, CONNECTICUT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT
BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT JUNE 30, 2014 Contents Page Independent Auditor s Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic
More informationVillage of Milan, New Mexico Financial Statements, Supplementary Information and Independent Auditors' Report June 30, 2012
. Village of Milan, New Mexico Financial Statements, Supplementary Information and Independent Auditors' Report Harshwal & Company LLP Certified Public Accountants 500 Marquette Ave NW, Suite 280 Albuquerque,
More informationLOMBARD ELEMENTARY SCHOOL DISTRICT 44 LOMBARD, ILLINOIS
COMPREHENSIVE ANNUAL FINANCIAL REPORT OF LOMBARD ELEMENTARY SCHOOL DISTRICT 44 LOMBARD, ILLINOIS As of and for the Year Ended June 30, 2016 Officials Issuing Report Dr. Michael Robey, Superintendent of
More informationTown of Ogunquit, Maine
Audited Financial Statements and Other Financial Information Town of Ogunquit, Maine June 30, 2017 Proven Expertise and Integrity CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1-3 MANAGEMENT S DISCUSSION
More informationCOUNTY OF LAWRENCE, PENNSYLVANIA
COUNTY OF LAWRENCE, PENNSYLVANIA NEW CASTLE, PENNSYLVANIA FINANCIAL STATEMENTS YEAR ENDED COUNTY OF LAWRENCE, PENNSYLVANIA YEAR ENDED CONTENTS Independent Auditor s Report 1-3 Page Management s Discussion
More informationDiscovery Middle School Madison, Alabama
Discovery Middle School COMPONENT UNIT FINANCIAL STATEMENTS September 30, 2015 Page - 1 - Discovery Middle School Table of Contents September 30, 2015 Independent Auditors' Report 1 Component Unit Balance
More informationGovernment Revenue and Expenses
Government Revenue and Expenses Government has a variety of ways to generate revenue: levying taxes, issuing fees for licenses and permits, collecting fines and forfeits, and generating revenue for products
More informationThe following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a
The following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a private CPA firm. The document was placed on this web
More informationBorough of East Stroudsburg East Stroudsburg, Pennsylvania Monroe County. Financial Statements Year Ended December 31, 2015
Borough of East Stroudsburg East Stroudsburg, Pennsylvania Monroe County Financial Statements Year Ended CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS
More informationNICOLET HIGH SCHOOL DISTRICT FINANCIAL STATEMENTS
FINANCIAL STATEMENTS June 30, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS -4- MANAGEMENT'S DISCUSSION AND ANALYSIS For the Year Ended June 30, 2017 The discussion and analysis of the Nicolet High School
More informationPentwater Public Schools. REPORT ON FINANCIAL STATEMENTS (with required supplementary information) Year ended June 30, 2015
REPORT ON FINANCIAL STATEMENTS (with required supplementary information) Year ended TABLE OF CONTENTS Independent Auditors Report... 1 Management s Discussion and Analysis... 3 Basic Financial Statements
More informationG R A CITY OF MARENGO, ILLINOIS. Accounting Auditing Consulting. N. Walkup Ave. Crystal Lake, IL T: GRA-CPA.COM
G R A 44 N. Walkup Ave. Crystal Lake, IL 60014 T: 815-459-0700 GRA-CPA.COM Accounting Auditing Consulting CITY OF MARENGO, ILLINOIS Annual Financial Report For the CONTENTS Independent Auditors' Report
More informationMARPLE NEWTOWN SCHOOL DISTRICT FINANCIAL STATEMENTS AND SINGLE AUDIT. For the Year Ended June 30, 2016
FINANCIAL STATEMENTS AND SINGLE AUDIT For the Year Ended June 30, 2016 TABLE OF CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) 4 BASIC FINANCIAL STATEMENTS
More informationCITY OF PATASKALA LICKING COUNTY REGULAR AUDIT
CITY OF PATASKALA LICKING COUNTY REGULAR AUDIT YEAR ENDED DECEMBER 31, 1999 CITY OF PATASKALA LICKING COUNTY TABLE OF CONTENTS TITLE PAGE Report of Independent Accountants... 1 General Purpose Financial
More informationVillage of Allouez) Wisconsin ANNUAL FINANCIAL REPORT. December 31, Schenck
Village of Allouez) Wisconsin ANNUAL FINANCIAL REPORT December 31, 2017 Schenck DECEMBER 31, 2017 Table of Contents INDEPENDENT AUDITORS' REPORT BASIC FINANCIAL STATEMENTS Government-wide Financial Statements
More informationMEDINAH PARK DISTRICT MEDINAH, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
MEDINAH PARK DISTRICT MEDINAH, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2017 Medinah, Illinois Comprehensive Annual Financial Report For The Year Ended December
More informationAudited Financial Statements and Other Supplementary Information. Town of Jay, Maine. June 30, Proven Expertise and Integrity
Audited Financial Statements and Other Supplementary Information Town of Jay, Maine June 30, 2015 Proven Expertise and Integrity CONTENTS INDEPENDENT AUDITORS' REPORT 1-3 PAGE MANAGEMENT S DISCUSSION AND
More informationLogan County Public Library
Financial Statements June 30, 2015 Table of Contents June 30, 2015 REPORT Independent Auditors Report 4 FINANCIAL STATEMENTS Required Supplementary Information: Management s Discussion and Analysis 7 Basic
More information