Question

govermental/ nonprofit accounting course

2-1. Using the Comprehensive Annual Financial Report obtained for Exercise 1-1. answer the following questions. a. Compare the items discussed in the MD&A in your CAFR with the list of items in this chapter. Which topics listed in this chapter are not in your CAFR? Which topics are in your CAFR that are not listed in this chapter? Do you think your CAFR has a reasonably complete discussion? SEEEEEE b. From the MD&A in your report, write a short summary of (1) the financial condition of your government (2) a comparison of revenues compared with the prior year, (3) a comparison of expenses compared with the prior year, and (4) a comparison of budgeted and actual activity c. From the Statement of Net Position, identify and write down the fol lowing: (1) unrestricted net position-governmental activities: (2) unrestricted net position-business-type activities: (3) restricted net position by restriction-governmental activities: (4) restricted net position by restriction-business-type activities, and (5) unrestricted and restricted net position-component units (if any).

Answer 1

Refer the below images for the above asked questions, in a detailed way of explanation.
Answer: Requirement @ : The table below Sommarizes the sections Management's Discussion and Analysis of Meviden's CAER as compared to the in the chapter for this assignment located in of the city topics found The CAER for the city of Meriden has a complete discussion Text book CAFR x x x x x x x x x x Topic Financial highlights Overview of the financial position Government - wide financial Statements Analysis of balances and transactions of individual funds Analysis of variations between original & final I find y e actual budget amounts significant capital asset and long-term debr activity during the year Goverment that use the modified approach to report infrastructore assets facts, deasions (or conditions that impact government's financial position / operations x x x x x &

Requirement o r the financial condition of the city of Meriden Seems positive. upon reviewing the Statements in the MOGA and the Summary discossion there, it is learned that a were new schools boilt, and that there has beena combined increase of $79.4 million over the last fiscal year. Expenses increased but as stated earlier this increase is partially due to the construction of the schools within the city. Requirement © : (1) unrestricted net position - govermental activities -(193,063) (2) unrestricted not position - bosiness type activities - 13,504 (3) restricted net position by restriction - governmental activities • The wallingford Regional Solid waste Reserve (8.5 million) . Flood control ($•5 million) • The corpos of various trusts ($• 4 million) activities (4) restricted net position by restriction - bosiness-type - none reported. (5) unrestricted and restricted net position - Component - none reported onits (if any