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Provide an outline for the minimum content of a comprehensive annual financial report (CAFR). Provide the source reference for where (using the GASB Codification) you found this information.

Then review the most recent CAFR of a state or local government. Using that report, identify:

1. The entity’s most significant source of revenues and most significant expense

2. The entity’s most significant asset, and its most significant liability

3. Two of the individual funds used by the government (look for separate fund financial statements)

4. Who prepared the report

5. Who audited the report, and using what auditing standards

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Keith Leannon
Keith LeannonLv2
28 Sep 2019

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Obtain a copy of the Comprehensive Annual Financial Report(CAFR) for the State of Texas for the Fiscal Year Ended August 31,2014 from the Texas Department of Finance and Administrationwebsite -

http://www.texastransparency.org/State_Finance/Budget_Finance/Reports/Comprehensive_Annual_Financial/14/,

and answer the following questions. Provide page numbers whereyou found the information. You may copy and paste text from theCAFR. Please submit type-written answers.

Page numbers (1-283) can be found at the bottom of each page ofthe CAFR document and should be included in the blank provided tothe left of each question to reference where your selected answerswere located within the CAFR report. Note that the PDF Adobe pagenumbers (1-294) at the top of the screen will be different from theCAFR page numbers and should not be referenced for purposes of thisexercise.

______1. Provide the name and title of the individualresponsible for transmitting the CAFR to the Governor, Members ofthe Legislature, and Citizens of the State of Texas.

______2. Who was the CAFR report transmitted to?

______3. What achievement was awarded for the State of TexasCAFR for the prior fiscal year ended August 31, 2013? Who grantedthe award and what are the requirements?

______4. Who performed an audit of the financial statements forthe State of Texas? For the Independent Auditor’s Report, whatletterhead was the opinion printed on, who signed the audit report,and what was the date of the audit report?

_____5. The audit of the State of Texas financial statements wasconducted in accordance with which standards?

______6. What type of audit opinion did the State of Texasreceive for the fiscal year ended August 31, 2014? Provide thelanguage included in the opinion paragraph of the audit report.

_____7. The government-wide financial statements are designed toprovide the reader with a broad overview of the State’s finances.What are the names of the government-wide financial statements?

The government-wide financial statements are prepared using the_______ basis of accounting and the _________ measurementfocus.

_____ 8. As for other state and local governments, what are the3 fund categories for the Texas’s fund financial statements?

_____ 9. Most of the State’s general activities are reported ingovernmental funds. Governmental funds are accounted for using the______ basis of accounting and ________ measurement focus.

_____ 10. The State of Texas maintains two types of ProprietaryFunds: enterprise and internal service. The fiscal 2014 financialstatements include ______ total enterprise funds, including _____major fund and _____nonmajor funds.

List the major enterprise fund:

_____ 11. What Required Supplementary Information (RSI) andother supplementary information is included in the TX CAFRreport?

_____ 12. What was the total $ amount of the State’s combinednet assets for governmental and business-type activities for thefiscal year 2014?

_____ 13. What were the State’s two major revenue sources, andwhat were the $ amounts? Together, they accounted for _______percent of total revenues.

_____ 14. Expenses reported on the Government-wide financialstatements are reported on a functional basis. Name the 10functional categories of expenses for the State’s governmentalactivities and rank them for 2014 in $ amounts from largest tosmallest:

_____ 15. The bulk of the State’s total expenses for fiscal 2014were related to the health and social services function. What wasthe $ amount of the expenses for this function, and what % of totalprimary government expenses do these expenses represent?

_____ 16. What is the chief operating fund of the State, andwhat was its ending fund balance as of Aug. 31, 2014?

Obtain a copy of the Comprehensive Annual Financial Report(CAFR) for the State of Texas for the Fiscal Year Ended August 31,2014 from the Texas Department of Finance and Administrationwebsite -

http://www.texastransparency.org/State_Finance/Budget_Finance/Reports/Comprehensive_Annual_Financial/14/,

and answer the following questions. Provide page numbers whereyou found the information. You may copy and paste text from theCAFR. Please submit type-written answers.

Page numbers (1-283) can be found at the bottom of each page ofthe CAFR document and should be included in the blank provided tothe left of each question to reference where your selected answerswere located within the CAFR report. Note that the PDF Adobe pagenumbers (1-294) at the top of the screen will be different from theCAFR page numbers and should not be referenced for purposes of thisexercise.

______1. Provide the name and title of the individualresponsible for transmitting the CAFR to the Governor, Members ofthe Legislature, and Citizens of the State of Texas.

______2. Who was the CAFR report transmitted to?

______3. What achievement was awarded for the State of TexasCAFR for the prior fiscal year ended August 31, 2013? Who grantedthe award and what are the requirements?

______4. Who performed an audit of the financial statements forthe State of Texas? For the Independent Auditor’s Report, whatletterhead was the opinion printed on, who signed the audit report,and what was the date of the audit report?

_____5. The audit of the State of Texas financial statements wasconducted in accordance with which standards?

______6. What type of audit opinion did the State of Texasreceive for the fiscal year ended August 31, 2014? Provide thelanguage included in the opinion paragraph of the audit report.

_____7. The government-wide financial statements are designed toprovide the reader with a broad overview of the State’s finances.What are the names of the government-wide financial statements?

The government-wide financial statements are prepared using the_______ basis of accounting and the _________ measurementfocus.

_____ 8. As for other state and local governments, what are the3 fund categories for the Texas’s fund financial statements?

_____ 9. Most of the State’s general activities are reported ingovernmental funds. Governmental funds are accounted for using the______ basis of accounting and ________ measurement focus.

_____ 10. The State of Texas maintains two types of ProprietaryFunds: enterprise and internal service. The fiscal 2014 financialstatements include ______ total enterprise funds, including _____major fund and _____nonmajor funds.

List the major enterprise fund:

_____ 11. What Required Supplementary Information (RSI) andother supplementary information is included in the TX CAFRreport?

_____ 12. What was the total $ amount of the State’s combinednet assets for governmental and business-type activities for thefiscal year 2014?

_____ 13. What were the State’s two major revenue sources, andwhat were the $ amounts? Together, they accounted for _______percent of total revenues.

_____ 14. Expenses reported on the Government-wide financialstatements are reported on a functional basis. Name the 10functional categories of expenses for the State’s governmentalactivities and rank them for 2014 in $ amounts from largest tosmallest:

_____ 15. The bulk of the State’s total expenses for fiscal 2014were related to the health and social services function. What wasthe $ amount of the expenses for this function, and what % of totalprimary government expenses do these expenses represent?

_____ 16. What is the chief operating fund of the State, andwhat was its ending fund balance as of Aug. 31, 2014?

Acct 510 - MN CAFR Independent Assignment Page 1

Chapter 18 Lab => Government Accounting - MN Comprehensive Annual

Financial Report (CAFR)

Note: The MN CAFR is available online in the state of MN website (www.finance.state.mn.us).

NOTE: If you are not sure if you are interpreting a question correctly…just note your assumption.

Introduction Section

Transmittal Letter

1. What basis of accounting is this system maintained?

State Principal Officials

1. List the following:

a. Governor –

b. Attorney General –

c. State Auditor –

d. Chief Justice of the MN Supreme Court -

Financial Section

Management Discussion and Analysis (MD&A)

1. List the government wide financial statements.

2. List the three types of government activities broken down in the government wide financial

statements.

3. What type of activity would Metropolitan State University considered?

4. List the state’s top three component units.

5. The state’s funds are separated into three types of funds;

a. List the three fund types.

b. What fund is Metropolitan State University a part?

6. Explain in your own words the difference between Budgetary Basis vs. GAAP?

Basic Financial Statements

1. What % of Total Assets do Cash and Cash Equivalents (unrestricted) represent?

2. Why would the state of MN carry such a high % of cash and cash equivalents?

3. What is the amount of General Obligation Bonds Payable?

Acct 510 - MN CAFR Independent Assignment Page 2

a. Current

b. Noncurrent

c. Total

4. In descending order, list the five largest “General Revenue” sources and the dollar amounts

(exclude “Other Taxes” from your list). Hint: All are found in the tax section.

5. What is the difference between Program Revenues and General Revenues?

6. List the three largest net expenditures for the state; in the following format.

Description Expense Revenue Total Net Expenditure

1st

2nd

3rd

7. Compare Net Assets of Governmental Activities to the Total Fund Balance for Governmental

Funds.

a. What is the total difference?

b. List the largest asset and the largest liability driving this difference. Why do these

differences exist? Be specific (provide examples) in your explanation for the

difference.

c. Explain in your own words why there is a $ revenue difference.

8. Compare the Change in Net Assets of Governmental Activities to the Net Change in Fund

Balances for Governmental Funds.

a. What is the total difference?

b. List and explain the three largest reconciling differences.

9. How does the University of Minnesota compare to the State Colleges and Universities from

a financial perspective?

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