Internet Case. Locate a comprehensive annual financial report (CAFR) for a local government from some source on the Internet, perhaps the Web site of the governmental entity or the Governmental Accounting Standards Boards Web site (follow the links “Project Pages,” “Statement 34,” and “Implementers of Statement 34”). Print a copy of the balance sheet and the statement of revenues, expenditures, and changes in fund balance for the governmental hinds.
Required
a. Which governmental funds are considered major funds by this government?
b. Verify by your own calculations that at least one of the financial statement elements (total assets, liabilities, revenues, or expenditures) of each major fund meets both the 10 percent and 5 percent criteria described in Chapter 2. If there is a major hind that does not meet the criteria, do the notes to the financial statements indicate that the hind was designated as major at the discretion of management?