Question: The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Following is a

The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Following is a list of entities being considered for classification as primary governments.
____1. Waseca County government.
____2. University of South Florida, a part of the State University System of Florida.
____3. The Tri-County Independent School District, a legal entity, with an elected board and financial independence.
____4. The State of Colorado.
____5. Greenfield Sports Authority, a joint venture between Greenfield County and the Mighty Ducks Sports franchise.
Required
For each of the entities listed indicate with a Y (yes) if the entity would be considered a primary government and with an N (no) if it would not be considered a primary government. In addition, explain why you believe the entity should or should not be considered a primary government.

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