What is the accounting basis for recognizing revenues

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Reference no: EM131451423

Assignment: Columbia, SC - CAFR Analysis

Using your selected CAFR, please answer the following questions (due the end of Week 6 in the assignments folder):

1. What type of information is presented in the Introductory Section of the CAFR? Provide a brief summary of each type.

2. What are the key issues addressed in the letter contained in the Introductory Section?

3. What type of information is presented in the Financial Section of the CAFR? Provide a brief summary of each type.

4. What type of audit opinion did the entity receive, and were there any matters of emphasis?

5. What are the key issues/items addressed in the Management's Discussion & Analysis? Provide a brief summary.

6. What kind of information is presented in the Government-wide Financial Statements?

7. What kind of information is presented in the Fund Financial Statements, and what are the major funds presented?

8. What type of information is presented in the Statistical Section of the CAFR?

9. Where is the budget-to-actual comparisons of the major funds located, and what are the largest reconciling items?

10. How can you tell if the government encumbers goods and services and if so, are they reflected on the Government-Wide financial statements and the Fund financial statements?

11. How can you tell if encumbrances (amounts obligated by the government for future expenditures) will be expended in the following year or if those amounts have to be "rebudgeted" in the following year?

12. Describe the main sources of revenue for (1) the governmental activities and (2) the business-type activities of the government entity. Where in the CAFR can this information be located?

13. What is the accounting basis for recognizing revenues? How can the reader determine this basis?

14. Does the government entity report deferred or unearned revenues, deferred outflows of resources, or deferred inflows of resources? What are they?

15. Does the government collect revenue from property taxes? What is the property tax rate, when are property taxes due, and when do penalties and interest accrue?

16. What are the ending fund balances by category for each of the major funds presented?

17. Does the government classify expenditures by function or object, and does it differ significantly in the government-wide financial statements versus the government funds financial statements?

18. Where is depreciation expense reported?

19. What are the Other Financing Sources and Uses the government entity reported in the governmental funds financial statements?

20. What capital projects funds did the government report (hint: also look in the schedules following the notes)? Are any of these funds reported as major funds, and how can you tell?

COMPREHENSIVE ANNUAL FINANCIAL REPORT CITY OF COLUMBIA, SOUTH CAROLINA FISCAL YEAR ENDED JUNE 30, 2015.

Reference no: EM131451423

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