Gasb, cafr issues and budgetary comparison schedule

2-3. With regard to the Comprehensive Annual Financial Report (CAFR): 

 

a.What are the three major sections?

b.List the government-wide statements. Indicate the measurement focus and basis of accounting used for the government-wide statements.

c.List the governmental fund statements. Indicate the measurement focus and basis of accounting used for the governmental fund statements.

d.List the proprietary fund statements. Indicate the measurement focus and basis of accounting used for the proprietary fund statements.

e.List the fiduciary fund statements. Describe the measurement focus and basis of accounting used for the fiduciary fund statements.

f.Outline the reports and schedules to be reported as required supplementary information.

 

3-5 For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries.

 

a. The budget was formally adopted, providing for estimated revenues of $1,100,000 and appropriations of $988,000.

b. Revenues were received, all in cash, in the amount of $1,007,000.

c. Purchase orders were issued in the amount of $488,000.

d. Of the $488,000 in (c), purchase orders were filled in the amount of $482,000; the invoice amount was $480,000 (not yet paid).

e. Expenditures for payroll not encumbered amounted to $460,000 (not yet paid).

f. Amounts from (d) and (e) are paid in cash.

 

3-10 Appearing below is the subsidiary ledger for the public safety department of the City of Boone. After the first month of the year, five entries have been made to the ledger.

 

                                                                                                                                                   Unexpended 

                                                                                                                                                   Appropriation 

                                                                                                                                                       Balance 

Transaction                 Appropriations            Encumbrances           Expenditures            [= SUM]

         1                            ($254,000)*                                                                                        ($254,000)  

         2                                                                      $18,000                                                     ($236,000)

         3                                                                     ($15,000)                     $14,500               ($236,500)

         4                                                                                                            $11,000               ($225,500)

         5                               $17,000                                                                                            ($208,500)


                                        ($237,000)                     ($3,000)                       $25,500               ($208,500)

*$ amoints in () denote credits.

 

 Describe the most likely event that led to each of the postings (item 1-5)

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