What are the inclusive dates of the fiscal year

Assignment Help Accounting Basics

Reference no: EM131525918

Question: Using the annual financial report obtained for Exercise, answer the following questions:

a. Report the following ratios, using the text material for the Village of Elizabeth as a guide:

(1) Net debt per capita.

(2) Net debt to fair value of property.

(3) Net debt to assets.

(4) Debt service to total expenditures-General and debt service funds.

(5) Net assets/expenses.

(6) Unrestricted net assets/expenses.

(7) Unreserved fund balance/revenues-General Fund.

(8) Governmental revenues per capita.

(9) Interest coverage-revenue bonds.

(10) Operating ratio-enterprise funds.

b. Write a memorandum, based on the ratios you calculated in part ( a ) of this problem, giving a recommendation as to whether to purchase

(1) general obligation or

(2) revenue bonds of your governmental unit.

Exercise: Obtain a copy of a recent Comprehensive Annual Financial Report (CAFR). These may be obtained by writing the director of finance in a city or county of your choice. Your instructor may have one available for you, or you may obtain one from the GASB Web site: www.gasb.org. It would be best, but not absolutely necessary, to use a CAFR that has a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. You will be answering questions related to the CAFR in Chapters 1 through 9. Answer the following questions related to your CAFR.

a. What are the inclusive dates of the fiscal year?

b. Write the name and address of the independent auditor. Is the auditor's opinion unqualified? If not, describe the qualification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements?

c. Is the report separated into the three distinct sections: introductory, financial, and statistical? Does the report have a "single audit" section at the end? (A few CAFRs include their single audit report in the CAFR-see Chapter 13 for more detail of the single audit requirements.)

d. Does the report contain an organization chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of transmittal.

e. Does the report include a Management's Discussion and Analysis? List the major items of discussion. f. Does the report include the government-wide statements (Statement of Net Assets and Statement of Activities)?

g. Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds which have separate columns in the governmental and proprietary fund statements).

Reference no: EM131525918

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