Need help answering these questions pertaining to the state of Colorado, above website will give the CAFR needed to help with answers.
1. Indicate the activities accounted for in both internal service funds and major enterprise funds. Comment on whether any of these activities could also have been accounted for in a general or other governmental fund.
2. How are the internal service fund activities reported in the government-wide statement of net assets? How are they reported in the proprietary funds statement of net assets?
3. Did any of the internal service funds report significant operating surpluses or deficits for the year? Have any accumulated significant net asset balances over the years that were not invested in capital assets?
5. Do the notes to the financial statements indicate the component units and other related entities that are included within the reporting entity? Do they indicate any units that are not included? Do they explain why these units are included or excluded?
6. How are the component units presented in the government-wide financial statements?
7. How are they presented in the fund statements?
9. What schedules or other information does the government report as required supplementary information (RSI)?© BrainMass Inc. brainmass.com June 4, 2020, 12:17 am ad1c9bdddf
Please find guidelines and ideas for writing about Comprehensive Annual Financial Report in the attached file.
Running Head: CAFR
Comprehensive Annual Financial Report
The CAFR report explains the government wise fund statements. It also describes the different activities that are performed by the government for the welfare of public. It includes the analysis of public policy of a government. The paper describes the different funds, activities for that funds and the reporting of those funds for state of Colorado.
Activities Accounted in Internal Service Fund & Major Enterprise Fund
The enterprise fund is used by the state and local government for the business type activities. The enterprise fund accounts for the activities that provides majority of the services to the public on the charge basis (Delaney & Whittington, 2009). The major enterprise fund of State of Colorado includes four major activities namely college investment program, program for higher educational institutes, state lottery activities and activities related to the unemployment insurance tax. The services under this heading are provided on charge basis to the public by the local and state government (Comprehensive Annual Financial Report, 2009).
The internal service fund accounts for the activities that are provided to the other state agencies or funds or departments on a user charge basis. The services to the other government are provided on the basis of cost reimbursement by the internal service fund (Fischer, Taylor & Cheng, 2007). The major activities that are accounted for the internal service fund are central services, general government computer center, telecommunication, public safety, capitol complex, highways, debt collection and office of administrative courts. The activities of highway and public safety can be accounted for the general or other governmental fund as governmental fund includes capital projects and highway user tax activities (Comprehensive Annual Financial Report, 2009). The activities of non-major governmental fund and internal service fund are at combining level so most of the activities that are accounted for internal service fund can also be accounted for governmental fund.
Reporting of Internal Service Fund Activities
Government-wide Statement of Net Assets:
The government wide statement depicts the financial position at the end of a fiscal year for a particular state. The net assets are measured through the difference between the assets and liabilities. In the government wide statement of net assets the internal service fund activities are reported under the governmental activities (Comprehensive Annual Financial Report, 2009). All the internal service fund activities are included under the ...
The solution discusses Colorado CAFR.