1. In which section of the Comprehensive Annual Financial Report (CAFR) are the budget-to-actual comparisons of...

 

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1. In which section of the Comprehensive Annual Financial Report (CAFR) are the budget-to-actual comparisons of the major funds? a. Which accounting basis did the City follow to prepare its annual operating budget? b. Are the actual amounts on a GAAP or a budgetary basis? Do the statements include a reconciliation of any differences between GAAP and budgetary amounts? If so, what are the largest reconciled items? c. Are the reported variances based on the original budget or the year-end amended budget? 2. Does the CAFR include budget-to-actual comparisons of nonmajor funds? If so, in what section? 3. Does the government encumber goods or services that have been ordered but have not yet been received? How, if at all, are encumbrances reflected on the governmental fund balance sheet? How, if at all, are they reflected on the government-wide statement of net position? 4. Do encumbrances that remain outstanding at year-end lapse? That is, do the amounts that will be expended in the following year, when the goods or services are received, have to be rebudgeted in the following year? How can you tell? 1. In which section of the Comprehensive Annual Financial Report (CAFR) are the budget-to-actual comparisons of the major funds? a. Which accounting basis did the City follow to prepare its annual operating budget? b. Are the actual amounts on a GAAP or a budgetary basis? Do the statements include a reconciliation of any differences between GAAP and budgetary amounts? If so, what are the largest reconciled items? c. Are the reported variances based on the original budget or the year-end amended budget? 2. Does the CAFR include budget-to-actual comparisons of nonmajor funds? If so, in what section? 3. Does the government encumber goods or services that have been ordered but have not yet been received? How, if at all, are encumbrances reflected on the governmental fund balance sheet? How, if at all, are they reflected on the government-wide statement of net position? 4. Do encumbrances that remain outstanding at year-end lapse? That is, do the amounts that will be expended in the following year, when the goods or services are received, have to be rebudgeted in the following year? How can you tell?

Answer rating: 100% (QA)

Answer 1 CAFR is a nodal body comprising of chefs food historians food scientists food writers educationists and researchers from all across North India under the aegis of the Indian Federation of Cul... View the full answer