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The Comprehensive Annual Financial Report of a Local Governmental Unit

Question 128

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The Comprehensive Annual Financial Report of a local governmental unit includes several statements and sections. When a financial analyst is computing ratios and extracting other information, he or she needs to know where in the CAFR to look. Use the following classification to indicate where an analyst would look in the CAFR to compute the ratios and gather information by placing the appropriate option. When possible, choose the location in the basic financial statements or notes that would be subject to examination:

Premises:
Actual expenditures/budgeted expenditures-General Fund
Governmental revenues per capita
Unreserved fund balance/revenues-General Fund
City management's plans for the future
Unrestricted net assets-governmental activities/general government expenses-governmental activities
Cash expended on capital assets- enterprise activities
Interest coverage-revenue bonds
Assessed value of property
Total expenses for interest for a major enterprise fund
Information regarding balances for a nonmajor enterprise fund
Debt limit and debt margin
Unfunded pension liability for the government as a whole
Summary information regarding overall government financial performance for the year
Schedule of direct and overlapping debt
Net debt per capita
Operating ratio-enterprise funds
Cash balances in a pension trust fund
Debt service/total governmental revenues
Information regarding actual and planned maintenance of infrastructure, when the modified approach is used
Net debt to fair value of property
Responses:
Combining and individual fund statements (Other Supplementary Information)
Proprietary funds Statement of Cash Flows
Government-wide Statement of Activities
Letter of transmittal-introductory section
Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances
Fiduciary funds Statement of Changes in Fiduciary Net Assets
Auditor's opinion
Governmental funds Balance Sheet
Proprietary funds Statement of Revenues, Expenses, and Changes in Net Assets
Management's Discussion and Analysis
Government-wide Statement of Net Assets
Required Supplementary Information other than MD&A
Fiduciary funds Statement of Fiduciary Net Assets
Proprietary funds Statement of Net Assets
Notes to the Basic Financial Statements
Statistical Section Ratios and Other Items

Correct Answer:

Actual expenditures/budgeted expenditures-General Fund
Governmental revenues per capita
Unreserved fund balance/revenues-General Fund
City management's plans for the future
Unrestricted net assets-governmental activities/general government expenses-governmental activities
Cash expended on capital assets- enterprise activities
Interest coverage-revenue bonds
Assessed value of property
Total expenses for interest for a major enterprise fund
Information regarding balances for a nonmajor enterprise fund
Debt limit and debt margin
Unfunded pension liability for the government as a whole
Summary information regarding overall government financial performance for the year
Schedule of direct and overlapping debt
Net debt per capita
Operating ratio-enterprise funds
Cash balances in a pension trust fund
Debt service/total governmental revenues
Information regarding actual and planned maintenance of infrastructure, when the modified approach is used
Net debt to fair value of property
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