Accounting

Please use the link to answer the questions only. The assignment requires you to download a CAFR from a local state or municipality.  We will all use the same CAFR for this assignment.  Please download the 2020 Comprehensive Annual Financial Report for the Town of Cary, North Carolina.  I have picked the Town of Cary because their population is over 100,000 and it is not excessively large, so the CAFR is a reasonable size. 

Click on the link below and then select – 2020 Comprehensive Annual Financial Report.  Download to your computer as we will use this for each of our continuing problems eachweek.  

https://www.townofcary.org/home/showpublisheddocument?id=25355

Chapter 9 

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 position? How are they reported in the proprietary funds statement of net position?

3.     Did any of the internal service funds report significant operating surpluses or deficits for the year? Were any accumulated significant net asset balances over the years 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? Is the statement on a direct or an indirect basis? In how many categories are the cash flows presented? Which of these categories resulted in net cash inflows? Which resulted in net cash outflows?

7.     What was the total operating income? What was total net cash provided by operating activities? What accounts for the largest difference between these two amounts?

8.    Has the city entered into any service concession arrangements? Which specific ones, and why?

 

Chapter 10

Review the comprehensive annual financial report (CAFR) you obtained.

1.      Does the government maintain any permanent funds? If so, are they major or non-major funds and for what purposes?

2.     Does the government maintain any fiduciary funds? If so, for what purposes?

3.     Does the government contribute to one or more pension plans? Are they defined benefit or defined contribution plans? If they are defined benefit plans, are they single employer (maintained by the government itself) or multiple‐employer plans?

4.     Does the government report pension expenses or expenditures? If so, in which fund or funds?

5.     Does the government report pension liabilities? If so, in which fund or funds?

6.     Does the CAFR indicate the actuarial value of plan assets and liabilities? Are the plans over‐ or underfunded?

7.     Does the CAFR include the financial statements of the pension plans? Does it indicate that the pension plans issue their own reports and that these are publicly available?

8.    Did the pension fund investments have a “good year”?

9.     Does the CAFR indicate that the government provides other postemployment benefits? If so, what is the nature of these benefits? How are they reported?

10.Does the government maintain any custodial funds? How many and for what purposes?

 

 

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Accounting

Please only  use the link to answer these questions. The assignment requires you to download a CAFR from a local state or municipality.  We will all use the same CAFR for this assignment.  Please download the 2020 Comprehensive Annual Financial Report for the Town of Cary, North Carolina.  I have picked the Town of Cary because their population is over 100,000 and it is not excessively large, so the CAFR is a reasonable size. 

Click on the link below and then select – 2020 Comprehensive Annual Financial Report.  Download to your computer as we will use this for each of our continuing problems eachweek.  

https://www.townofcary.org/home/showpublisheddocument?id=25355

Part A

Chapter 6

Review the Comprehensive Annual Financial Report (CAFR) that you have obtained.

1.      How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so, for what purposes are they maintained?

2.     How many debt service funds does the government maintain? How can you tell? Are any of these major funds? If so, for what types of obligations are they maintained?

3.     How are the capital projects and debt service funds reported in the government‐wide statement of net position?

4.     Select one of the more recently established (and larger) capital projects funds (a major fund, if there is one).

5.     From where did the fund receive most of its resources?

6.     Did the city acquire or construct new capital assets using resources of this fund? If so, in what amount?

Part B

Chapter 8

Review the Comprehensive Annual Financial Report (CAFR) that you have obtained.

1.      How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so, for what purposes are they maintained?

2.     How many debt service funds does the government maintain? How can you tell? Are any of these major funds? If so, for what types of obligations are they maintained?

3.     How are the capital projects and debt service funds reported in the government‐wide statement of net position?

4.     Select one of the more recently established (and larger) capital projects funds (a major fund, if there is one).

5.     From where did the fund receive most of its resources?

6.     Did the city acquire or construct new capital assets using resources of this fund? If so, in what amount?

7.     Does this fund have any long‐term debts associated with it? If so, does the government maintain a debt service fund to account for the resources to service the debt?

8.    Did the government issue additional long‐term debt to support governmental activities during the year? Did it repay any long‐term debt used to support governmental activities? Did it engage in any in‐substance defeasances?

 

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