Question

Find the 2017 Annual Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2017 Annual Report" under the Current Reports Heading on the right.

1.The Balance Sheet--governmental funds shows a fund titled Fallen Timbers TIF". What kind of fund is this? Hint: use the notes to the financial statements.

A.Special Revenue fund.

B.Capital Projects fund.

C.Internal Service Fund.

D.Income Tax Fund.

2.Which of the following is true regarding the Maumee Annual Report?

A.The report meets the minimum reporting requirements under GASB 34. A CAFR is not required.

B. Although a CAFR is not required under GASB 34, this report still does not meet the minimum reporting requirements.

C. The report does not meet the minimum reporting requirements under GASB 34.

D. A CAFR is required. The report meets the minimum reporting requirements under GASB 34 but a CAFR is still required.

3.Reporting of Maumee's fiduciary activities occurs:

A. Both in the government-wide statements and in the fund statements.

B. Maumee has no fiduciary activities.

C. Only in the government-wide statements

D. Only in the fund statements

4.Determine if the General Fund exhibits interperiod equity.

A. The Balance Sheet--Governmental Funds shows the General Fund DOES exhibit interperiod equity

B. The Statement Revenues, Expenditures and Changes in Fund Balances shows the General Fund DOES NOT exhibit interperiod equity.

C. The Statement Revenues, Expenditures and Changes in Fund Balances shows the General Fund DOES exhibit interperiod equity.

D. The Balance Sheet--Governmental Funds shows the General Fund DOES NOT exhibit interperiod equity.

5.The city does NOT have which of these types of fund balances in its General Fund: (check all that apply)

A. Nonspendable

B. Unassigned

C. Assigned

D. Committed

E. Restricted

6.The City of Maumee is what type of entity?

A. Operational Government

B. Special Purpose Government

C. Not for Profit Government

D. General Purpose Government

Answer 1

1. (A) Special Revenue Fund

2. (A) The report meets the minimum reporting requirements under GASB 34. A CAFR is not required.

3. (D)  Only in the fund statements

4. (C) The Statement Revenues, Expenditures and Changes in Fund Balances shows the General Fund DOES exhibit interperiod equity.

5. (E) Restricted

6. (C) Not for Profit Government