Using the annual report obtained for Exercise 1-1, answer the following questions: a. Examine the Statement of

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Using the annual report obtained for Exercise 1-1, answer the following questions:

a. Examine the Statement of Fiduciary Net Position. Look at the Statement of Changes in Fiduciary Net Position. Are increases and decreases shown as additions and deductions, rather than revenues and expenses? What are the main additions? What are the main deductions?

b. Are agency funds included in the Statement of Fiduciary Net Position? If so, look to the notes or combining schedules and list the individual agency funds. Has the government limited itself to agency funds that are held for individuals, organizations, or other governments-not for other government funds?

c. List the pension funds included in the financial statements. From the notes, list the other pension plans that are available to employees of your governmental unit. Are those plans agent plans or cost-sharing plans'? Defined contribution or defined benefit? Are required disclosures made in the notes for all pension plans, whether or not the plans are included as trust funds?

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Essentials of Accounting for Governmental and Not-for-Profit Organizations

ISBN: 978-0078025815

12th edition

Authors: Paul Copley

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Question Posted: Jun 22, 2016 07:45 AM

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Using the annual report obtained for Exercise 1-1, answer the following questions: a. Examine the Statement of

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a The Statement of Fiduciary Net Position reports additions and deductio...View the full answer

Essentials of Accounting for Governmental and Not-for-Profit Organizations

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