Questions from Accounting for Government and Non-Profit

Q: Per GASB standards, what is the key criterion as to whether

Per GASB standards, what is the key criterion as to whether a government should be included as a component unit in the reporting entity of another government?

Q: How does discrete presentation differ from blending? When is each appropriate

How does discrete presentation differ from blending? When is each appropriate?

Q: In what ways can it be said that a single audit is

In what ways can it be said that a single audit is “risk based”?

Q: What is the primary deficiency of discrete presentation as it must be

What is the primary deficiency of discrete presentation as it must be applied in government‐wide statements?

Q: What are the three main sections of the comprehensive annual financial report

What are the three main sections of the comprehensive annual financial report? What are the main components of the financial section?

Q: What is meant by “combining statements”? Why is it especially

What is meant by “combining statements”? Why is it especially appropriate to present combining statements for internal service funds?

Q: Provide five examples of the type of information to be addressed by

Provide five examples of the type of information to be addressed by management in its discussion and analysis (MD&A).

Q: A special‐purpose government is established to operate parking garages.

A special‐purpose government is established to operate parking garages. Will it have to prepare both government‐wide and fund statements? Explain.

Q: Suppose that a government has had several years of general-fund

Suppose that a government has had several years of general-fund surpluses. Is this necessarily a sign of financial strength?

Q: Notes to the financial statements and required supplementary information (RSI)

Notes to the financial statements and required supplementary information (RSI) must both be included in a government’s CAFR. What, then, does it matter if information is provided in notes as opposed t...