Visit the web site of a state or local government to review its latest Comprehensive Annual Financial Report (CAFR). (You can generally start at www.statelocalgov.net, then select the government, then select the official or office most likely connected with the accounting activity.) Review the details of the General Fund financial statements, noting the captions, the inter fund transfers, the "due from" and 'due to" accounts, and the classification of fund balance. Read the notes and relate them to the subjects covered in this chapter.
Answer to relevant QuestionsWhat is a property tax lien?On what bases are investments valued on governmental fund balance sheets? What is a flexible budget?How are investments in an Investment Trust Fund valued? How are changes in value treated?Use the Internet to review a government’s CAFR. Review all financial statements carefully. Read the MD& A. Consider the comments made in the MD& A in light of the financial statements. Write a brief report assessing the ...
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