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Governmental accounting: Understanding elements of CAFR reporting

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Help prepare written answers to the following problems:

a. Continuing Problems 1 through 6. For this assignment, use the CAFR from
http://www.ofm.wa.gov/accounting/financial.asp

Continuing Problem
Review the comprehensive annual financial report (CAFR) you obtained.
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?
4. Were any of the government's enterprise funds 'profitable' during the year? If so, what has the government done with the 'earnings'? Has it transferred them to the general fund?
5. Does the government have revenue bonds outstanding that are related to business-type activities? If so, for what activities?
6. Do the financial statements include a statement of cash flows for proprietary funds? In how many categories are the cash flows presented? Is the statement on a direct or an indirect basis?

b. Continuing Problems 1 through 6. For this assignment, use the CAFR from
http://www.ofm.wa.gov/accounting/financial.asp

Continuing Problem
Review the comprehensive annual financial report (CAFR) you obtained.
1. 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?
2. How are the component units presented in the government-wide financial statements?
3. How are they presented in the fund statements?
4. Has the government entered into any joint ventures? If so, how are they reported?
5. What schedules or other information does the government report as 'required supplementary information' (RSI)?
6. Does the report contain all of the statistical information presented in Table 11-3?

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Solution Summary

The solution helps understanding of elements in CAFR reporting.

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NOTE: The OFM's 2009 CAFR was used.

Part A

Question 1
Under the non-major enterprise funds of the Office of Financial Management of the State of Washington, the following activities are accounted for:
1. Administration and operation of the state's liquor stores, warehouses and the distribution of net proceeds of these activities. Though, these activities would have been accounted for under the general fund, the state wouldn't have been able to isolate and review the impact of these activities from its common operating fund.
2. Acquisition, design, construction, promotion and operation of the State Convention and Trade Center. This activity is designed to be self-sufficient; hence accounting it through the general fund wouldn't have resulted to an effective management of the activity.
3. Lottery ticket revenues, administrative and operating expenses of the Lottery Commission, and the distribution of revenue. This activity is so large financially that it merits its owned separate fund.
4. Enterprise activities (industries) carried out through vocational/education programs at the correctional distributions. Integrating this fund into the general fund wouldn't have allowed the estate to review the effectiveness of its programs under this fund.

Under the internal service funds of the Office of Financial Management of the State of Washington, the following activities are accounted for. ...

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